Filipinos book loss following Saudi-related litigation
Issue 1021
- 26 Aug 2016
| 1 minute read
Philippines construction company EEI Corporation has announced a 91% decline in its Q2 2016 net profit, due to heavy losses at its Saudi affiliate Al-Rushaid Construction Company (ARCC), of which it owns 49%. ARCC was established in 1993 by EEI and Al-Khobar-based Al-Rushaid Petroleum Investment Company (now Al-Rushaid Group), which owns the remaining 51%. ARCC has reported a loss of P248.8m ($5.3m) stemming from a delayed project which became the subject of arbitration.
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