National Industrialization Company (Tasnee) [2060.SE] announced that its net losses in 4Q2015 reached SAR690 million, versus net profit of SAR161 million in 4Q2014 and a net loss of SAR296 million in 3Q2015. Gross profit of SAR160 million was down 60% Q-o-Q (-79% Y-o-Y), while operating losses reached SAR717 million versus operating profit of SAR390 million a year ago. According to the earnings release, the lower earnings Y-o-Y and Q-o-Q were due to: i) lower titanium dioxide and petrochemical prices; ii) higher costs partially driven by inventory write-downs; iii) higher S,G&A on the back of the restructuring taking place at the company; and iv) a one-off write down of SAR330 million in the fair value of non-current assets at one of Tasnee’s subsidiaries. (Tadawul)
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