Riyadh-Mubasher: Saudi Arabian Amiantit Company’s net profit dropped 87% to SAR 3.3 million ($880,000) in the second quarter of 2016 from SAR 110 million ($6.9 million) in the same period of 2015.
The decrease in net profit was attributed to a rise in financial expenses by SAR 3.8 million resulting from higher banking profit margins, according to a bourse filing on Wednesday.
“Foreign affiliates of the company incurred foreign exchange losses of SAR 6.4 million attributable to the unfavourable evolution of the Euro and the Turkish Lira, compared to a gain of SAR 6.7 million in 2015,” the statement said.
The Saudi-listed pharmaceutical company achieved SAR 23.96 million net losses in the first six months of 2016 versus SAR 51.8 million net profit in the year-ago period.
