Chemanol 2Q16 first glance: Losses contract on one-off settlement, while operations are still depressed; reiterate Sell
Net loss– SAR3.6mn, vs. losses of SAR21mn in 2Q15, losses of SAR31mn in 1Q16, and EFG loss estimate of SAR26mn Gross profit – SAR7mn, -70% Y-o-Y, +39% Q-o-Q, -42% vs. EFGe Operating loss – SAR22.96mn, vs. operating loss of SAR6.
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