Riyadh – Mubasher: Al Yamamah Steel Industries Co trimmed its losses by 64.35% year-on-year during the third quarter ended on 30 June, the company’s interim financial results showed.
The Saudi firm incurred losses of SAR 2 million in the three-month period ended last June, compared to SAR 5.61 million in the prior-year period, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.
The drop in net losses was attributed to higher sales and lower cost of sales, outweighing the rise in financing costs, the statement added.
The company’s fiscal year ends on 30 September.
During the nine-month period ended 30 June, Al Yamamah Steel Industries Co suffered net losses of SAR 21.2 million, against a net profit of SAR 5.41 million in the corresponding period a year earlier.
