Saudi's Al-Khodari reports second successive loss in Q4 2015
Posted on 21st January 2016
Saudi Arabian contractor Abdullah Abdul Mohsin al-Khodari and Sons reported a second successive loss in the fourth-quarter of 2015.
The company made a net loss of $277,400 (SAR1.04m) in the three months to 31 Dec, compared to a net profit of $12.1m (SAR45.6m) in the year-earlier period, according to a statement to Riyadh's bourse.
The firm attributed the loss in part to a drop in revenue and a rise in construction costs, adding, "costs had been raised further by a recent government decision to hike energy prices in the kingdom".
The company, like many construction-related firms, has been put under pressure by a slowdown in the sector, caused by cutbacks in state spending due to lower oil prices, according to Constructionweekonline news report.
New contract awards in Q4 2015 stood at $3.1m (SAR11.9m), down significantly from the corresponding quarter of 2014, with the company saying that most government entities did not proceed with awards running up to the 2016 budget announcement.Back to all Construction News
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