Riyadh-Mubasher: The National Industrialization Co. (Tasnee) posted net losses of SAR 332.5 million in the first three months of 2015, against net earnings of SAR 320.8 million in the same period of 2014.

The Tadawul-listed company reported SAR 97.7 million in net earnings during the previous quarter.

Tasnee attributed the loss to low sale prices of products, despite an increase in quantities produced and sold.

There was also a rise in other expenses, which represent the negative market valuation of foreign exchange hedge and derivatives contracts concluded by a subsidiary with local banks to reduce the risk of foreign exchange exposure, the company said.