Saudi’s Al-Khodari records 50% loss in Q1 2017
Abdullah A M Al-Khodari Sons' revenue registered a 50% decrease, going down to $51.7m in Q1 2017 from $104.1m in Q1 2016
Saudi Arabia-headquartered construction firm, Abdullah A M Al-Khodari Sons, recorded a net profit loss of $4.8m (SAR17.8) in the first quarter of 2017.
This figure is down from the company’s $590m (SAR2.2m) net earnings for Q1 2016, Thomson Reuters reported.
The news agency also noted that the firm’s revenue registered a 50% decrease, going down to $51.7m (SAR194m) in Q1 2017, from $104.1m (390.3m) in Q1 2016.
Quoting the construction firm, Reuters said that Al-Khodari had applied changes to its financial statements when it adopted the International Financing Reporting Standards beginning 1 January, 2017.
Al-Khodari reportedly cited slow progress on projects and liquidity challenges resulting from delayed payments as among the reasons behind not only its profit loss but also the general decline in the industry.