Browse
related articles
MMG cuts net losses by 90%
- Saudi Arabia: Wednesday, May 01 - 2013 at 05:30
Saudi construction firm Mohammad Al-Mojil Group (MMG) has said its financial results for the first quarter showed a marked improvement in the cash flows of the company by a total of SR184.9m compared with the first quarter of 2012, Saudi Gazette has reported. MMG has recorded SR197.4m improvement in operating cash flows, SR98.8m increase in investment cash flows and a reduction of SR111.3m in financing cash flows, the troubled firm said. The company has also achieved a reduction in net loss by 90% compared with the previous quarter and 36% over the same quarter of last year, it said. "At the same time, MMG managed to secure additional works in its core business, which is starting to generate healthy returns. At the moment, the size of the new projects is small, given the significant resources of the company committed to the completion of legacy fixed price projects," said the chief executive of MMG, Stewart Macphail.
Related Content
Article Options
Disclaimer »
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AMEinfo.com Web site does not constitute advice or a recommendation by AME Info FZ LLC / 4C and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AMEinfo.com Web site.
AME Info FZ LLC / 4C can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AMEinfo.com Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / 4C.
In no event shall AME Info FZ LLC / 4C be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AMEinfo.com Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.
