Saudi Arabian Amiantit Co. extended losses during the first nine months 2019, to SAR301.1 million compared to SAR91.8million posted during the same period 2018.
The company attributed the increase in net losses during the first 9 months 2019, compared to the same period 2018 to:
a) Unexpected cost of SAR 78.1 million that were not projected on its existing projects, these costs are not recurring.
b) Impairment of fixed assets, under IAS 36 “Impairment of Assets”, for 3 local cash generating units, amounting to SAR 125.73 million.
c) Warranty provision amounting to SAR 2.132 million, fulfilling the requirement under IAS 37 “Provision, Contingent Liabilities and Contingent Assets”.
d) The impairment of inventory under IAS 2 “Inventories”, under NRV testing for local Business units amounting to SAR 9.955 million.
Be the first to comment