@RachelMuiBT SOILBUILD Construction Group on Tuesday flagged that it would post a loss for its fourth-quarter and financial year ended Dec 31, mainly due to an arbitration award on Feb 25, 2019, against its wholly-owned subsidiary, Soil-Build Ltd. The arbitration was commenced by Soil-Build against a sub-contractor for damages suffered due to the subcontractor’s delay in the completion of work for a construction project.
The company will have to recognise this sum and other associated project costs - including those damages previously deemed receivable, and amounts under the retention sum - as additional cost of sales for its fourth-quarter and financial year 2018, said Soilbuild Construction. sentifi.com Market voices on: The company is in the midst of making an assessment with a view to finalising the amount of other associated project costs to be recognised, it added.
Source: News Formal (newsformal.com)
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