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FINANCIAL NEWS
Saudi Al-Khodari Co. makes net loss of USD 277.4mn
20 Jan 2016
(MENAFN) Al-Khodari Company made a net loss of USD 277.4mn in the three months to Dec 31, compared to a net income of USD 12.15mn in the year-earlier period.
Moreover, the Co. credited the loss to fall in revenue and grow in building costs, adding that costs had been raised by a current government decision to hike energy prices in the Kingdom.
Additionally, the firm has been put under stress by a decrease in the sector, made by cutbacks in state spending due to lower oil prices.
New deal awards in Q4 reached USD 3.17mn, down from the same quarter of 2014, while awards had fallen in the third quarter.
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