Al-Khodari and Sons dives into the red
Saudi Arabian construction contractor Abdullah Abdul Mohsin al-Khodari and Sons slumped to a second quarter loss following a slowdown in the kingdoms building sector.
The firm was awarded new contracts worth just SAR 54mn in the second quarter, a sixth of the SAR 340mn booked in the corresponding period of 2015.
On Tuesday Khodari reported a net loss of SAR 43.34mn ($11.6mn) for the three months to June 30 compared to a profit of SAR 34.86mn in the same period a year-earlier.
Khodari posted a 37.4 percent drop in revenue, partly due to a lower contribution from newly awarded contracts. It also blamed a 10 percent rise in financial charges and a 43.7 percent drop in other income due to a decrease in sales of used equipment.