US-based project management company Hill International declared net losses of $6.9 mn, mainly on the back of decreased consulting fee revenue and payment delays in its Middle East operations, according to a press release from Monday.
The firm noted total revenues for the third quarter of 2016 of nearly $168 mn, a drop of 6.1% from the same period last year. Total revenues for the first nine months amounted to nearly $520 mn, again marking a drop from the nearly $531 mn in the same period in 2015.
In its Middle East business, making up nearly half of its consulting fees, the company saw a decrease of 19.3% in Middle East consulting fee revenues.
Resulting from these figures, Hill has adjusted its target for 2016, now expecting a drop in consulting fees of 3% to 5%, compared to 2015.