Saudi producers SABIC, Tasnee announce weaker results for Q3
Meanwhile, Tasnee (National Industrialization Co) reported that it swung to a net loss in the third quarter. The company’s net loss stood at SAR296.3 million ($79 million) in the third quarter in comparison to a profit of SAR243.7million ($64.9 million) in the same period of 2014. Analysts had called for a net profit of SAR56.4 million ($15 million), according to a survey conducted by Reuters.
Both SABIC and Tasnee cited weaker crude oil and lower sales prices as the main reasons behind their weaker financial results.
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