Tasnee swings to fourth straight loss in Q4
DUBAI, January 22, 2016
Saudi Arabia's National Industrialization Co (Tasnee) swung to a fourth straight quarterly loss on Thursday as it reported its earnings for the final three months of 2015.
Tasnee made a loss of SR690.2 million ($183.9 million) in the three months to December 31, compared to a profit of SR160.7 million in the same period a year earlier, according to a bourse filing.
Three analysts polled by Reuters had forecast on average a net loss in the fourth quarter of SR174.2 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 a decrease in product prices, as well as higher cost of sales, general and administrative expenses and staffing costs, for the profit fall.
A drop in the value of assets at a subsidiary also contributed to its negative fourth-quarter performance. - Reuters
