Riyadh – Mubasher: Saudi Industrial Export's net losses hiked 127.3% to SAR 2.5 million ($667,000) in the fourth quarter of 2016 from SAR 1.1 million ($293,000) in the same period of 2015.
The company attributed Q4 losses to the delay of selling products in the Asian domestic markets, adding to higher general and administrative expenses from the added administrative expenses of Sara Medical factory devices, according to a bourse filing on Thursday.
The company stated that it is on the track of restructuring and developing export strategy in demand markets, also re-administrative restructuring of Sara Medical factory devices and plan studies to develop products to align domestic and external market, the statement said.
The Saudi-listed company recorded a loss of SAR 5.9 million in the twelve months of 2016 against SAR 1.8 million net profits in the year-ago period.
