Al Hassan Engineering Co has announced a net loss of $3.7mn (OMR 1.42mn) for the first quarter of 2014 compared to a net profit of $605,000 (OMR 233,000) in the same period last year.
The company’s turnover for the period fell slightly to $35.6mn (OMR 13.7mn) from $35.7mn (OMR 13.74mn) a year ago, according to the company’s announcement to the MSM on Monday.
Al Hassan Engineering announced on Sunday (4 May) that its Abu Dhabi arm has received a letter of intention by Al Ghurair Iron & Steel which will see it build a new facility for the company in Mussafah.
The contract, worth $5.2mn (AED19.3mn), will see it carry out the main construction works on phase II of an expansion at Al Ghurair’s plant at the ICAD 1 industrial area.
The work is expected to take around 12 months to complete and Al Hassan said it expected “reasonable income” from the contract.
Al Hassan Engineering is an Omani contractor whose shares are listed on the Muscat Securities Exchange.
Last month, the company announced that its CEO, Dr Mohamed Fahd Al Haj Bakour, was resigning after just three months in the post. He joined in January, replacing former CEO Peter Hall who had been in the post for five years and who has remained as a consultant.
