Saudi Steel Pipe Co. posts net loss of SR14.12 million in Q3
RIYADH, KSA: Saudi Steel Pipe Co. has posted a net loss of SR 14.12 million in Q3 ended September 30, 2019, as compared to a net loss of SR 24.15 million in Q3 2018 Gross profit increased to SR 0.13 million in Q3 2019, due to higher sales volume and change in sales mix, compared to gross loss of SR 11.82 million in Q3 2018. Saudi Steel Pipe recorded reversal of impairment for receivables amounting to SR 0.54 million in current quarter compared to a charge of SR 0.21 million in Q3 2018. On the other hand other expenses in the current quarter reached to SR 1.59 million compared to other expenses of SR 0.08 million in Q3 2018. Decrease in share of profit in an associate company (Global Pipe Company) during current quarter amounted to SR1.31 million compared to SR 2.48 million in Q3 2018. Increase in finance charges stood at SR 3.16 million for current quarter compared to SR 2.51 million in Q3 2018. The company posted a net loss of SR 23.96 million in nine-month period compared to a net loss of SR 66.01 million in similar period of year 2018 Share of profit in an associate company (Global Pipe Company) for nine months stood at SR 6.12 million compared to SR 5.54 million loss for similar period of 2018.