Make MENAFN My Home Page
 
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi MMG posts USD53.9m losses in H1  Join our daily free Newsletter

MENAFN - 24/07/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN) Mohammad Al-Mojil Company (MMG), Saudi contracting giant have considered "multiple material uncertainties" related to the company's ability to continue as a going concern as the firm continued to rack up heavy losses, Arabian Business reported.

The Dammam-based company's first half losses grew 446 percent to reach USD53.9 million, compared to USD9.9 million in 2013.

As a result, t firm has "experienced further cash flow difficulties" and a rescue deal announced last month which would have seen two members of the Al Hokair family inject USD147 million in cash and loans.


This news, and the fact that it said it would be unable to complete the sale of its marine business "on the basis previously proposed" has meant its banks have refused to release money in company accounts.

 
 


MENAFN




Loading, Please wait....


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help