Soilbuild flags Q4, FY loss on arbitration award against unit
The company has to recognise the S$1.4m sum, other associated project costs as additional cost of sales
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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 (Pte) Ltd.
The arbitration was commenced by Soil-Build against a sub-contractor for damages suffered due to the sub-contractor's delay in the completion of work for a construction project.
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