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FINANCIAL NEWS
Saudi Ma’aden suffers net loss of USD 1.52mn in Q4
21 Jan 2016
(MENAFN) Saudi Arabian Mining Co. (Ma’aden), the Gulf’s major miner, claimed a fourth-quarter net loss of USD 1.52mn in the three months to Dec.31.
Moreover, it had made an income of USD 100.1mn in the quarter a year earlier, while three analysts had on rate predict Ma’aden would make a quarterly net profit of USD 22.4mn.
Additionally, the Co. is a key support in Saudi Arabia’s plan to spread its economy away from hydrocarbons, which attributed the quarterly loss to a fall in the average prices of all sold products.
However, Ma’aden claimed decreasing profits in the preceding three quarters but has touched hard situations better than some of its peers due to low production costs.
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