- RIYADH: Arabian Pipes Company in its financial results for Q1 2011 has reported a net loss for the year amounting to SR961,000 compared with profit of SR1.2 million for the corresponding period last year and compared with loss of SR8.2 million for the previous quarter with improved 88 percent.
- Gross profit for the period amounted to SR3 Million compared to SR12.7 million for the corresponding period last year, a decrease of 76 percent.
The operating loss for the period amounted to SR1.4 million compared to SR1.5 million profit for the corresponding period last year.
Loss per share was SR0.03 compared with SR0.04 earning for the same period last year.
The reason for Q1 losses was because most of Jubail factory’s orders in hand have not gone into production.
Thus all fixed cost including Jubail machinery and assets depreciation affected the production cost and gross profit results.
The company management expects an improvement in performance with the start of production of the orders in hand during the year.