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MMG posts $9m quarterly loss
- Saudi Arabia: Monday, November 05 - 2012 at 02:27
Troubled Saudi construction firm, Mohammed al-Mojil Group (MMG), due to hold an emergency meeting today to discuss breaking up, has posted a third quarter loss of SR33.8m ($9m) as project revenue faltered, Reuters has reported. In September, the company said its liabilities exceeded its assets and shareholders were left with a deficit of SR279.8m after it ran into problems on some large contracts. The company's construction of the Manifa natural gas development for Saudi Aramco generated a loss of SR355.2m in the first nine months of 2012, MMG said.
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