Dubai – Mubasher: Drake & Scull International (DSI) has incurred accumulated losses of AED 4.875 billion as of 30 September 2020, representing 455.6% of the capital.
The accumulated losses are attributed to projects under implementation and contract receivables in legacy projects in Oman, India, and the UAE and poor performance on legacy projects, according to the company's disclosure to the Dubai Financial Market (DFM) on Monday.
To address the accumulated losses, the company continues to set a restructuring plan and hold negotiations with the banks and creditors to finalise the details of the restructuring plan.
The company is also planning to close out existing projects and focus on its core new business activities to win new projects and acquire more projects whether in the UAE and overseas.
