Riyadh – Mubasher: Saudi Arabia-based Aseer Trading, Tourism and Manufacturing expected to post losses worth about SAR 371 million in the fourth quarter of 2017 that represents 14% of its net assets by the end of Q3-17.

These losses were estimated internally at the firm and would be reviewed by the auditor, while the accumulated losses may hit 17% of the capital, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The impact of these expected losses will appear in Aseer’s annual financial statements of 2017 that will also include the accumulated losses, the statement added. 

The Kingdom-based company stated that these losses are attributed to a decrease in some investments’ value.

The firm turned profitable during Q3-17, registering SAR 4.4 million in net profits, against suffering net losses worth SAR 48.1 million during the corresponding period a year before.

By 10:35 am KSA time, Aseer’s stock declined 10% to SAR 11.16.