Saudi Arabian Mining Co says quarterly performance is impacted by lower product prices
Saudi Arabian Mining Co (Ma'aden), the Gulf's largest miner, reported a fourth-quarter net loss on Wednesday, missing analysts' forecasts as it cited lower product prices.
Ma'aden made a net loss of 5.7 million riyals ($1.52 million) in the three months to Dec. 31, it said in a bourse statement.
It had made a profit of 376 million riyals in the quarter a year earlier.
Three analysts had on average forecast Ma'aden would make a quarterly net profit of 84.1 million riyals.
Ma'aden said no dividend would be paid for fiscal 2015 as the company was still in the process of developing and financing its major projects.
Ma'aden, which operates in gold, aluminium and phosphates, is a key pillar in Saudi Arabia's plan to diversify its economy away from hydrocarbons.
It attributed the quarterly loss to a decrease in the average prices of all sold products, as well as an increase in the net loss recorded by a joint venture. It did not elaborate or name the jointly-controlled entity.
Ma'aden had reported falling profits in the preceding three quarters but has weathered tough conditions better than some of its peers because it has low production costs.
In October, Ma'aden's chief executive told Reuters his firm was reviewing its spending in the wake of low commodity prices.