Riyadh - Mubasher: Takween Advanced Industries reported losses of SAR 12.67 million in the second quarter of the 2017 versus profits of SAR 12.5 million in the same period last year.

Turning to losses is attributed to the decrease in gross and operational income, resulting mainly from the decline in gross profit from sales in subsidiaries, a reduction in income from investments, in addition to a drop in other income and a rise in financing costs, the company said in a statement to the Saudi Stock Exchange on Monday.

According to the company’s financial results, losses totalled SAR 21.57 in the first half of the year, against profits of SAR 14.38 million for the same period in 2016.

Sales went down by 15.2% and reached SAR 342.5 million in Q2-17 compared to SAR 403.9 million in Q2-16, while volumes reached SAR 647.3 million in H1-17 compared to SAR 756.6 million in H1-16, declining by 16.8%.