Riyadh – Mubasher: The National Industrialization Company (Tasnee) turned to net losses of SAR 188.8 million in the second quarter (Q2) ended 30 June 2020, against net profits of SAR 212.1 million in the corresponding quarter a year ago.

The move to losses was mainly due to a decline in average selling prices and lower share of profits from the company's associates and joint ventures (JVs), according to a bourse disclosure on Thursday.

In addition, the firm saw an impairment of certain assets of Advanced Metal Industries Cluster Company, a subsidiary, despite lower financing costs and higher other income.

Revenues for Q2-20 came in at SAR 486.3 million, a drop of 33.5% when compared to SAR 731.2 million in Q2-19.

Over the first six month period in 2020, the company’s net losses fell by 75.4% on a yearly basis to stand at SAR 265.3 million.