(MENAFN- Muscat Daily) UK-based Ultra Electronics announced on Friday that its contract to update IT systems at the Muscat and Salalah airports had been terminated.
Ultra a global aerospace and security solutions company had been awarded the airport IT and systems integration contract worth RO127.5mn in July of 2011 with the agreement signed in April 2012.
In a disclosure to the London Stock Exchange on Friday the company said "Late on 22 January 2015 Ultra received notification of termination of its Oman airport IT contract. Discussions with the customer will commence next week to work towards settlement."
As a result there is likely to be a provision against contract balances in the 2014 results although 2014 cash is not affected. The impact on full year 2015 underlying profit is expected to be minimal the Ultra disclosure added.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.