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FINANCIAL NEWS
Saudi Tasnee logs loss of USD79m in Q3
20 Oct 2015
(MENAFN) Saudi Arabia’s National Industrialization Co. (Tasnee) announced that it had swung to a loss in the third-quarter period of this year 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 USD79.0 million in the three months to Sept. 30 compared to a profit of USD64.94 million on-year.
The third-quarter figures were much lower than previous forecasts, as three analysts had predicted the firm would make on average a quarterly net profit of USD15.02 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.
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