Riyadh – Mubasher: Saudi Steel Pipe Company (SSP) on Thursday announced swinging to loss during the second quarter of 2018, incurring SAR 36.8 million, against posting a profit of SAR 7.7 million during Q2-17.
The Saudi firm attributed the second-quarter loss to suffering SAR 21 million losses in bending unit based on an evaluation study, losses in another subsidiary, TSM Arabia, and a decrease in net income of the unit Global Pipe Company, according to a bourse filing.
The steel producer's sales fell 3.58% to SAR 156.29 million during the three-month period ended June, compared to SAR 162.10 million in Q2-17.
In the first six months of 2018, SSP also suffered a loss of SAR 41.9 million, against generating SAR 17.9 million in profits in H1-17.
Sales jumped 14.93% to SAR 333.43 million in the January-June period of 2018, compared to SAR 290.11 million in the year-ago period.
SSP’s stock decreased 3.16% to close Thursday at SAR 18.40.
