Riyadh – Mubasher: Saudi Arabian Amiantit Company tuned into losses in the first quarter of 2017, according to a bourse filing.
The company reported net losses of SAR 45.75 million ($12.2 million) in Q1-17, against net profits of SAR 512,000 ($136,530) in Q1-16.
The company’s Q1-17 results were weighed by a heavy decline in domestic sales driven by the downsizing and cancellation of projects, in addition to lower sale prices and higher cost of finance.
Sales reached SAR 273.7 million in Q1-17, compared to SAR 554.3 million in Q1-16.
