CAC 2000 says it is pursuing a debt refinancing programme as it seeks to stabilise its working capital position amid declining revenues and widening losses.
The company recorded a net loss of $80 million for the three months ending March this year, compared with a loss of $58.6 million during the corresponding period last year.
Chief Executive Officer Gia Abrahams says the decline in the company's revenue and profitability was driven more by liquidity challenges than weak demand.
Revenue for the quarter fell sharply to $81.5 million, down from $190.4 million in the same period last year.
Ms. Abrahams says the company currently has approximately $1.4 billion in projects in its pipeline, but insufficient cash flow prevented it from executing those projects during the quarter, resulting in reduced revenues.
She says the refinancing initiative is aimed at addressing the company's debt obligations, which amount to just under $500 million in loans.
It also owes suppliers $427.4 million.
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