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Lamprell predicts bigger than expected losses in 2012
- United Arab Emirates: Tuesday, November 20 - 2012 at 02:35
Sharjah-headquartered oil rig maker Lamprell has said its full-year loss would be more than seven times bigger than it previously forecast on continuing difficulties with several projects, Reuters has reported. The LSE-listed company, which has already issued four profit warnings this year, said it now expects a total loss of about $105m, from its earlier view of a loss in the range of $12m to $17m. The company's bleaker forecast arose following a review conducted by an external accountancy and consultancy firm appointed by Lamprell to undertake an assessment of the expected outturn on certain major projects and their impact on its financial position.
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