Riyadh – Mubasher: Saudi Arabian Amiantit Company moved to losses during the third quarter of 2019, suffering SAR 4.97 million, against profits of SAR 1.42 million in 2018’s quarter.

Revenues retreated by 30.9% to SAR 186.34 million in Q3-19, compared to SAR 269.6 million in Q3-18, according to a bourse statement on Sunday.

The company attributed the move to losses to the drop in sales during Q3-19 to SAR 186.3 million, in addition to the rise in the cost of revenues by 11.65% over the quarter due to higher cost attributable to lower volumes, which has been reflected in the sales.

For the first nine months of 2019, net losses of Saudi Amiantit hiked by 227.8% to SAR 301 million, from SAR 91.8 million in the same period the year before.

The company generated SAR 582.9 million in revenues during the nine-month period ended September, 12.8% lower from SAR 669 million in the corresponding period of 2018.

By the end of September, loss per share registered SAR 8.89, compared to SAR 2.71 in September 2018.