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MMG narrows losses in Q4 2012
- Saudi Arabia: Monday, February 04 - 2013 at 05:25
Saudi construction company Mohammed Al-Mojil Group (MMG) has reported a fourth-quarter net loss of SR526m, bringing its cumulative net loss currently to SR2.01bn ($536m), Reuters has reported. Although its quarterly loss was less than half that of the last quarter of 2011, it remained considerably higher than its third-quarter 2012 loss of SR33.8m. MMG's net loss over the year was SR1.2bn, compared with SR1.11bn in 2011. The company is attempting to stabilise its financial position after it replaced its management team last year and held a shareholders meeting in which it voted against liquidation.
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