Loss in Adhi Karya ???

PT Adhi Karya Tbk may will post substantial loss because dispute the project in Qatar.
The dispute could result in substantial loss to the Company. As of September 2009, total receivable from this project amounted to IDR234.14 billion and IDR40.24 billion cost that has not been billed. AL-Habtoor Engineering LLC, the main contractor for project, has executed the project’s guarantee performance bond of USD7.6 million provided by the Company
PT Pemeringkat lifted the status of Creditwatch with Negative Implication of the rating of Adhi Karya and replaced it with a negative outlook. The action is triggered by the lengthened process of an ongoing dispute in the Company’s Shangri-La project in Qatar.
Pefindo will closely monitor the progress of negotiations between ADHI and AL-Habtoor Engineering LLC. The rating can be downgraded if the result of this negotiation is not favor of the company and affects the overall financial profile.
Meanwhile, the ratings for the company’s bond IV/2007 of IDR375 billion due in July 2012 and its Sukuk Mudharabah I/2007 of IDR125 billion due July 2012 are maintained at idA- and idA-(sy).