Tasnee slumps to Q3 net loss on lower sales, prices

20/10/2015 05:33 AST

Saudi Arabia's National Industrialization Co. (Tasnee) swung to a loss in the third quarter as it was hit by both lower sales and prices.

Tasnee, which had reported losses in the preceding two quarters as well, made a loss of SR296.3 million ($79.0 million) in the three months to Sept. 30 compared to a profit of SR243.7 million in the prior-year period, according to a bourse filing.

Three analysts had forecast on average the firm would make a quarterly net profit of SR56.4 million.

The diversified industrial firm has interests in petrochemicals, metals and chemicals and is one of the world's largest producers of titanium dioxide through its Cristal subsidiary. It cited "lower average sales prices and lower sales volumes" for the decline.


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