20
Apr
10:57
Lower project-related sales slash Saudi Steel Pipe Q1 profit
Saudi Steel Pipe (SSP) recorded a -29% on-year decline in net profit in the first quarter to SAR 8.05 million ($2.15m). This was due to a decrease in project-related sales, higher losses at subsidiaries, and a loss on disposal of assets and allocation of provision for doubtful accounts, Kallanish learns from the Saudi welded pipemaker.
Increased project-related sales compared to Q4 2015 did, however, pull SSP out of a SAR 1.3m net loss in the previous quarter.
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Anonymous
Very good overview of the weekly steel market.
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