Aseer Trading expects SAR 371 mln losses in Q4 on asset impairment

Aseer Trading, Tourism & Manufacturing Co. expects to incur nearly SAR 371 million in losses for Q4 2017, which represent 14 percent of the company’s net assets as of Sept. 30, 2017.

The estimated losses come mainly from impairment of some assets, the investment firm said in a statement to Tadawul on Wednesday.

Based on these unaudited losses, accumulated losses are likely to stand at 17 percent of capital.

The related financial impact is forecast to reflect on the 2017 financial results, which will disclose the ratio of accumulated losses when the audit process is completed.

Aseer will take the corrective procedures necessary to offset those losses, the statement added.