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Saudi's Al Khodari reports $3.81m loss for Q3 2015

The contractor reported a loss of $3.81m (SAR14.3m) in the three months to September 30, 2015

al-Khodari recorded a loss in Q3 2015.
al-Khodari recorded a loss in Q3 2015.

Saudi Arabia-based contractor Abdul Mohsin al-Khodari and Sons recorded a loss in the third quarter of 2015, according to a bourse filing on Monday.

The construction firm reported a loss of $3.81m (SAR14.3m) in the three months to September 30, compared to a profit of  $3.99m (SAR15m) for the same period in 2014. 

Khodari's third-quarter revenue fell by 17.5% year-on-year, with increases in costs and financial charges also impacted and offset higher income from other areas, the statement said. 

New contract awards slumped to $8.26m (SAR31m) in the third quarter, compared to $147m (SAR554.6m) of new work in the corresponding period of 2014. 

The company's overall contract pipeline stood at $1.24bn (4.57bn) at the end of September, up from $895m (SAR3.36bn) at the same point last year. 

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