Further to Saudi Arabian Amiantit Co. annuncment on 02-05-2018 related to financial results for the period ending on 31-03-2018 (Three Months) the company clarify the following:
1-The mentioned justifications in the previous declaration refer to changes in net losses.
2- The presented comparative income statements for the three-months ended March 31, 2017, have been adjusted to reclassify the net operating results of the disposed-of European pipe manufacturing entities in the merger with Hobas Group. The total effect net of taxes has been presented under the line item “Loss after tax from Discontinued Operations” in the income statement. The reclassified effect (net of taxes) for the same period last year was a net loss of SAR 8.0 million.
3- In correction to the previous announcement the total accumulated losses reached 267.7 million.