Khodari .... increase in revenue boosts Q3 profit.
Saudi builder Khodari's Q3 net profit up 23pc
RIYADH, October 22, 2014
Major Saudi Arabian construction firm Abdullah Abdul Mohsin Al Khodari Sons has reported a 23.1 per cent rise in its third-quarter net profit in line with analysts' estimates.
The company made a profit of SR15 million ($4 million) in the three months to September 30, up from SR12.19 million ($3.2 million) during the same period last year, according to a statement to Riyadh's bourse.
Two analysts polled by Reuters forecast Al Khodari would make a quarterly profit of between SR14.8 million and SR15 million ($3.9 million and $4 million).
The company attributed the rise in profit to a 5.6 per cent increase in revenue and a reduction in general costs and marketing expenditure.
Al Khodari's contract backlog was SR3.36 billion ($895 million) as of September 30, down from SR3.99 billion ($1.06 billion) a year earlier, the statement added.-Reuters