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FINANCIAL NEWS
Saudi Al-Khodari faces net loss in Q2
26 Jul 2016
(MENAFN) Saudi construction firm Abdullah Abdul Mohsin Al-Khodari and Sons said it swung to a net loss in the second quarter due to a decrease in earnings.
In detail, the company suffered a net loss of USD11.6 million in the three months to June 30 compared to a profit of USD9.2million in the year-earlier period.
Moreover, Al-Khodari witnessed a 37.4% dip in revenue, partly due to a lower contribution from newly awarded contracts.
The company also blamed a 10 percent rise in financial charges and a 43.7% fall in other income due to a slump in sales of used equipment.
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