(MENAFN) Drake and Scull International (DSI) announced that first-quarter net income fell to USD10.2 million, compared with USD12.49 million in last year's same period, reported Arabian Business.
The Dubai-based company attributed the decline to growing expenses, which increased from USD16.87 million in 2011 to USD19.59 million.
It added that during the quarter, it was awarded several contracts in the Middle East and North Africa (MENA) region, valued at USD353 million, in addition to the USD38 million deal to provide mechanical, electrical and plumbing works for the Rocco Forte Hotel in Jeddah.
It is worth noting that DSI's revenue during the first quarter reached USD211.50 million, up from USD175.57 million a year ago.
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