(MENAFN) Saudi Arabian contractor Abdullah Abdul Mohsin Al Khodari and Sons said it will suffer a multi-million dollar loss in 2016.
In detail, the company will record the loss after it received state permission to reallocate a government contract it won in 2014 to another company.
The company, like many construction-related firms, has been pressured by a huge slowdown in the sector that comes after cutbacks in state spending due to lower oil prices.
Khodari said the reassignment, which will result in a loss of USD5.1 million, was one of several measures it is facing in response to weakness in the construction sector.
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