Riyadh – Mubasher: Saudi Arabian Refinery registered SAR 198,483 losses ($52,900) during the second quarter of 2016 (Q2) against SAR 16.9 million net profits ($4.5 million) for the year-ago quarter, according to a bourse filing on Sunday.
Q2 losses were driven by a lower equity in income of affiliates during the first quarter after Arabian Sulphonates Company Limited reported Q2 losses and the Saudi Industrial Investment Group decided to withhold FY15 cash dividends at a total of SAR 15,194,480.
Quarter-on-quarter, net losses moved down to SAR 198,483 in Q2 from SAR 721,775 in Q1, the bourse sharing revealed.
The company attributed this quarterly decline to a decrease in the general and administrative expenses.
Over the first six months, the company lost SAR 920,260 versus SAR 16.4 million earnings for the first half of 2015.
In the first quarter, the company’s net losses widened by 7% year-over-year to SAR 721,700 from SAR 674,400.
