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FINANCIAL NEWS
Saudi MMG’s net loss falls to USD140.29m in Q4
03 Feb 2013
(MENAFN) Saudi Mohammed al-Mojil Group (MMG) announced that it managed to lower its net loss in the fourth quarter of 2012 to USD140.29 million from USD314 million in 2011’s same period, reported Arabian Business.
The financially troubled construction firm attributed the decline in the quarter’s net loss to the fall in provisions the company took against an expected rise in the cost of completing projects by USD37.30 million.
MMG plans to sell assets, reduce bank debt and absorb accumulated losses in a bid to rebound.
Last month, the Saudi firm announced that it will launch legal action in order to collect dues and claims worth over USD106.51 million.
It is worth noting that in November 2012, shareholders in the company refused the idea of liquidating the firm, which has operations in oil and gas projects, chiefly for Saudi Aramco.
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