16 May 2010
(MENAFN) Oman-based Galfar Engineering and Contracting Company posted a net loss of $2.78 million in the first-quarter of 2010, compared with a net profit of $11.9 million a year earlier, Reuters reported.
Galfar’s Chairman Salim Al-Araimi attributed the loss to the increase in costs of Muscat Expressway. The company is currently building the Muscat Expressway road awarded by the government two years ago.
However, Galfar said it has a healthy order book position and expects to post improved results in the second half of the year. The company has won a number of infrastructure contracts in 2009.
Shuaa Capital began coverage of Galfar Engineering with a ‘sell’ rating in March, expecting the company’s earnings to remain under pressure.
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