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FINANCIAL NEWS
Saudi Steel Pipe reports USD3.3m profit in Q2
21 Jul 2012
(MENAFN) Saudi Steel Pipe reported 42 percent decline in quarterly profits over lower margins on sales, Saudi Gazette reported.
The company said it made USD3.3 million net profit during the second quarter, down from USD5.69 million a year earlier.
The company also reported 22 percent increase in quarterly revenue to USD49.86 million from USD40.79 million a year earlier.
The company attributed the lower income to the low margin on the export projects sales because of global price competition and the increase in raw material price.
Operating profit for the quarter also declined to USD3.55 million from USD5.64 million a year earlier.
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