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DROP IN PROVISIONS

Saudi Mohammed Al-Mojil halves Q4 net loss

Khobar (Saudi Arabia), February 2, 2013

Financially-troubled Saudi construction company Mohammed al-Mojil Group halved its fourth-quarter net loss IN 2012 to SR526.1 million ($140.29 million) from SR1.18 billion the previous year, it said on Saturday.

The drop in the fourth quarter net loss was due to a decline in provisions the company took against an expected increase in the cost of completing projects by SR140.1 million, it said in a statement.

In November, shareholders in MMG rejected the idea of liquidating the company, which is involved in oil and gas projects, mainly for state oil company Saudi Aramco.

The company's recovery plan includes asset sales, cutting bank debt and absorbing accumulated losses.

In January, MMG said it plans to start legal action to collect dues and claims worth more than SR400 million ($107 million).-Reuters




Tags: Construction | Saudi | Mohammed al-Mojil |

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