Takween expects SAR 94 mln loss in Q4

Takween Advanced Industries Co. expects to report a net loss of SAR 94 million for the fourth quarter of 2017, representing 11 percent of the company’s net assets as of Sept. 30, the company said in a bourse statement on Wednesday.

The estimated loss for Q4, which was assessed internally, will bring accumulated losses to about 19 percent of capital, as per Takween’s unaudited financials.

The company is currently studying the reasons for these losses, which include booking higher inventory provisions, lower sales, and higher cost of sales. It is also working on taking the necessary corrective measures, it added.

The loss will be reflected on Takween’s audited financials for fiscal year 2017.