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Chemanol Q2 financials significantly miss forecasts - Fransi Capital

Chemanol Q2 financials significantly miss forecasts - Fransi Capital
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Riyadh-Mubasher: Saudi Fransi Capital said Chemanol’s second-quarter figures were significantly below its estimate and average forecasts.

Chemanol posted net losses of SAR 21.4 million for the second quarter of 2015, against SAR 15.86 million earnings in the year-earlier period.

The chemical producer also recorded net losses of SAR 36.41 million in H1-15, versus earnings of SAR 40 million a year earlier.

Fransi Capital placed a ‘Hold’ recommendation on the stock, setting the target price at SAR 13.5.