Riyadh – Mubasher: Saudi Arabia-based Al Yamamah Steel Industries Co on Monday reported suffering losses during its first quarter ended on 31 December 2018, against posting a profit in Q1-17.

Al Yamamah Steel’s net losses after calculating Zakat and Tax amounted to SAR 30.18 million during Q1-18, against a profit of SAR 6.73 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the loss to the continuous decline in demand due to the current economic situation, the slowdown in implementing projects, and the fierce competition that dragged down sales in electricity and construction sectors.

It is worth noting that Al Yamamah Steel Industries’ fiscal year ends on 30 September.