(MENAFN- Khaleej Times) Saudi Arabia's National Industrialisation, or Tasnee, on Monday said it swung to a net loss for the second quarter, which the petrochemical producer blamed on lower product sales prices and higher costs as it missed analyst forecasts.
Tasnee made a net loss of SR107.7 million ($28.7 million) in the three months to June 30, according to a bourse filing. This compares with a profit of SR408.3 million in the same period a year ago.
Analysts polled by Reuters had on average forecast Tasnee would make a quarterly profit of SR96.5 million.
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