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FINANCIAL NEWS
Saudi Al-Khodari logs loss of USD3.81m in Q3
21 Oct 2015
(MENAFN) Saudi Arabia construction firm Abdullah Abdul Mohsin Al-Khodari and Sons swung to a loss in the third-quarter, hurt mainly by lower contracting revenue according to a bourse filing.
The company reported a loss of USD3.81 million in the three months to Sept. 30, compared to a profit of USD3.99 million in the year-earlier period, according to the statement.
Al-Khodari’s third-quarter revenue fell by 17.5 percent year on year, while increases in costs and financial charges also impacted and offset higher income from other areas, the statement said.
Meanwhile, new contract awards in the third quarter slumped to USD8.26 million, compared to USD147.79 million of new work registered in the corresponding period of 2014.
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