With the reduction in oil revenues, the government of Nigeria has cut down on its capital expenditure and this has negatively impacted on the fortunes of construction giants, Julius Berger.
Julius Berger has projected that it will most likely record a 43% drop in profit for 2015. Revenue has dropped quarter on quarter in 2015 and also year on year when comparing Q3 2015 with Q3 2014.
Julius Berger reported on its website that revenue for all its three business segments: civil works, building and services has dipped. Civil works is responsible for 65% of its revenue.
Julius Berger Projects 43% Dip In 2015 Profits
