Riyadh – Mubasher: National Company for Glass Industries (Zoujaj) said that the conversion to the international financial reporting standards (IFRS) resulted in a decline in the retained earnings balance.
The balance decreased by SAR 5.9 million ($1.57 million), the company stated adding that the exact sum will be deducted from the delayed expenses to be in compliance with the IFRS, according to a bourse filing on Monday.
The company confirmed its readiness to prepare its financial statements for the first quarter of 2017 as per the IFRS.
Zoujaj reported a net loss of SAR 5.7 million for the fourth quarter of fiscal 2016, against a net profit of SAR 3.5 million for Q4-15.
