DUBAI: Dubai's Drake and Scull International on Wednesday posted third-quarter results that missed analysts' forecasts despite a near six-fold jump in profit.
Drake, which specialises in mechanics, engineering and plumbing, reported a net profit of 23.8 million dirhams or $6.48 million for the quarter ended September 30, compared with a profit of 3.9 million dirhams in the corresponding quarter in 2012, it said in a bourse statement.
However, four analysts polled by Reuters forecasted an average quarterly net profit of 33.7 million dirhams.
Drake shares have risen 78 percent year-to-date on the back of a recovery in Dubai's real estate market.
Contract revenue for the third quarter rose to 995 million dirhams from 622.8 million dirhams in the prior-year period.
The contractor said its total order backlog reached a record high of 12.4 billion dirhams as of Sept 30, representing a 65.3 percent year-on-year growth. (Reuters)
