Due to the delay the company will record a loss of $12-16 million in its third quarter financial results.
Israeli construction and infrastructure company Shikun u'Binui Holdings Ltd. (TASE: SKBN) has notified the Tel Aviv Stock Exchange that it expects an additional delay of several months in completing the Houston, Texas toll lanes project in which has a 21.6% stake. The company says that some of the delay was due to factors outside of its control such as weather conditions.
Consequently, Shikun & Binui, controlled by Nati Saidoff, expects reduced profits from the project and will record a loss of $12-16 million in its third quarter financial results.
Shikun & Binui is acting as the building contractor for the project, which when completed next year will bring the company revenue from tolls until 2068.
Published by Globes, Israel business news - en.globes.co.il - on October 17, 2019
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Nati Saidoff