Riyadh-Mubasher: Saudi Arabian Mining Co. (Ma’aden) suffered net losses of SAR 5.6 million in the fourth quarter ended 31 December 2015, against earnings of SAR 376 million in the same period a year ago.
The company ascribed the losses to low average prices of all sold products and increase in net loss of a jointly-controlled entity.
Net earnings for the 12-month period reached SAR 605 million, falling 55% year-on-year from SAR 1.3 billion.
“The full-year profit decline was due to low average prices of all sold products except for DAP, as well as increase in cost of sales and high selling and marketing expenses,” Ma’aden said in a bourse statement.
