Mohammad Al-Mojil Declines Most Since April 2009 After Forecasting Losses - Bloomberg

Mohammad Al-Mojil Group Co. (MMG) plunged the most since April 2009 after the Saudi construction-services company forecast “substantial losses” that will exceed 10 percent of its total assets.
The shares tumbled 9.9 percent, the maximum movement allowed in one trading day, to 21.50 Saudi riyals, at 12:23 p.m. in Riyadh.
The losses are “due to additional costs of materials, equipment and manpower of some of the ongoing projects in excess of the approved budgets,” the Dammam, Saudi Arabia-based company said in a statement to the Saudi Stock Exchange after the close of trading on Jan. 18.

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