JEDDAH: National Industrialization Co. (Tasnee) 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 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.

The firm has interests in petrochemicals, metals and chemicals and is one of the world's largest producers of titanium dioxide through its Cristal subsidiary. It cited lower product sales prices and higher general and administrative costs for the quarterly loss.