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MESC logs SAR10.4m loss in second quarter

MESC logs SAR10.4m loss in second quarter
Photo Credit: Arabianeye - Reuters
MESC
2370
0.62% 16.10 0.10

Riyadh – Mubasher: Middle East Specialized Cables (MESC) posted SAR 10.4 million net loss for the second quarter of 2015, against SAR 10.19 million net profit reported in the same period a year earlier.

Meanwhile, H1 net loss amounted to SAR 13.4 million, versus SAR 2.36 million net profit in H1-14.

The company ascribed turning to losses to a decline in sales volume and profit margins due to a delay in some of the company’s major projects, in addition to increased competition.