{"id":34390,"date":"2016-11-15T18:19:13","date_gmt":"2016-11-15T11:19:13","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=34390"},"modified":"2016-11-15T15:42:26","modified_gmt":"2016-11-15T08:42:26","slug":"middle-east-pay-delays-hit-hill-international-says-chief-as-it-slides-to-loss","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/middle-east-pay-delays-hit-hill-international-says-chief-as-it-slides-to-loss\/","title":{"rendered":"Middle East pay delays hit Hill International, says chief, as it slides to loss"},"content":{"rendered":"


\nThe project management firm Hill International has declared a net loss of US$6.9 million in the third quarter of 2016, citing lower revenues and payment delays from its Middle East operations.The US-based project management company said consulting fee revenues for the quarter dropped by 19.3 per cent, or $11.4m, in the Middle East.The firm, which earned almost half of its total 2015 consulting fee revenues of $631m from the Middle East, said it faced one-off expenses of $10.6m during the third quarter this year. Some $8m of this was bad debt expense due to money owed from clients, whom it said “primarily” came from the Middle East. The remaining $2.6m were costs incurred in contesting a proxy challenge from the activist firm Bulldog Investors, which resulted in the company’s founder and chairman Irvin Richter stepping down from Hill’s board in September.Total revenue for the quarter was $168m, 6.1 per cent lower than the same period last year. Revenue for the first nine months of 2016 is 2.1 per cent lower at $519.8m and it has swung to a net loss of $3.9m, compared with a profit of $8m for the same period in 2015.Hill International said, based on its performance during the period, it has revised its earnings and revenues targets for the full year. It expects consulting fees to be between $600m and $610m, or about 3 to 5 per cent lower than last year. “We saw challenges in the third quarter in our Middle East project management operation, with respect to both sales of new work and cash flow on existing work, as low oil prices have continued to have a major impact on construction activity there,” said David Richter, the son of the founder and the chief executive of Hill International. “However, we see strong performance continuing for both the US project management operation and the construction claims operation globally and we expect to return to revenue growth companywide in 2017 as oil prices recover.”Hill International is currently working on a number of major infrastructure developments in the region. It is undertaking project management roles at the expansion of Muscat International Airport, the new Riyadh Metro and the Doha Metro. Many firms in the construction industry have suffered financially as a result of delayed payments in the Middle East – most notably in Saudi Arabia, where the government halted payments to many companies in the sector in late 2015 in response to tightening budgets due to lower oil prices. However, last week, the government’s economic body, the council of economic and development affairs said it would begin making delayed payments to the private sector by mid-December. mfahy@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Middle East pay delays hit Hill International, says chief, as it slides to loss<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The project management firm Hill International has declared a net loss of US$6.9 million in...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-34390","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-8WG","jetpack-related-posts":[{"id":50656,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hill-international-chief-expects-further-shrinkage-in-middle-east-operations-in-2017\/","url_meta":{"origin":34390,"position":0},"title":"Hill International chief expects further shrinkage in Middle East operations in 2017","date":"April 2, 2017","format":false,"excerpt":"\r The head of US project management company Hill International has said it expects its business in the Middle East to decline further this year and is prepared to take appropriate cost-cutting measures.Speaking on an investors' call after revealing a net loss of US$18.8m for 2016, compared to a net\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9238,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/middle-east-payment-delays-push-project-manager-hill-international-to-q4-loss\/","url_meta":{"origin":34390,"position":1},"title":"Middle East payment delays push project manager Hill International to Q4 loss","date":"March 27, 2016","format":false,"excerpt":"\r \r The project manager Hill International slipped to a fourth-quarter loss as it was hit with an increasing number of bad debts from its Middle East operations.The US-based company said that revenue for the last three months of 2015 was US$189.8 million - up 11 per cent on the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":53742,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hill-interenational-chief-executive-departs\/","url_meta":{"origin":34390,"position":2},"title":"Hill Interenational chief executive departs","date":"May 4, 2017","format":false,"excerpt":"\r David Richter, the chief executive of Hill International, is to leave the firm with immediate effect.Mr Richter is set to be replaced as interim chief executive by Paul Evans. Mr Evans is one of three directors who joined the firm last September and who were nominated by activist investor\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":53750,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hill-international-chief-executive-departs\/","url_meta":{"origin":34390,"position":3},"title":"Hill International chief executive departs","date":"May 4, 2017","format":false,"excerpt":"\r David Richter, the chief executive of Hill International, is to leave the firm with immediate effect.Mr Richter is set to be replaced as interim chief executive by Paul Evans. Mr Evans is one of three directors who joined the firm last September and who were nominated by activist investor\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21953,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/middle-east-decline-sees-hill-internationals-q2-net-profit-fall-66\/","url_meta":{"origin":34390,"position":4},"title":"Middle East decline sees Hill International's Q2 net profit fall 66%","date":"August 4, 2016","format":false,"excerpt":"\r Construction management company Hill International reported that net profit in its second quarter shrunk by two-thirds as a result of decline in work from the Middle East.The US-based company, which is set for a showdown with activist shareholder Bulldog Investors at its annual general meeting (AGM) next week, reported\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21047,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/turner-townsends-middle-east-revenues-increase-by-24-per-cent\/","url_meta":{"origin":34390,"position":5},"title":"Turner & Townsend's Middle East revenues increase by 24 per cent","date":"July 27, 2016","format":false,"excerpt":"\r Project management consultancy Turner & Townsend increased revenue by 8 per cent globally to \u00a3409 million (Dh1.97bn) in the year to April 30, helped by rapid growth in its Middle East business.It increased its net profit for the year by 9 per cent to \u00a329.6m.The firm, which is working\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/34390"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=34390"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/34390\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=34390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=34390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=34390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}