Riyadh – Mubasher: Saudi Arabia-based Al Yamamah Steel Industries Co on Tuesday reported swinging to loss during its third quarter of 2018, against posting profits in the year-ago period.

Al Yamamah Steel incurred a loss of SAR 5.6 million in Q3-18, compared to SAR 17.2 million net profits in Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the negative turn in its third-quarter financials to a 41% decrease in sales. The company’s fiscal year ended on 30 September.

For its nine-month period ended last June, the Saudi company’s net profits plunged 94.18% to SAR 5.4 million, compared to SAR 92.8 million during the corresponding period a year earlier.

By 10:33 am Saudi time, the stock fell 1.10% to SAR 18.