Saudi Arabia“s Glass-Fiber Technological Industries Co. (Fibertech) in the first quarter of the year 2000 incurred a loss of SR 7 million, up from a loss of SR 5 million in the comparable period of l…
Saudi Arabia“s Glass-Fiber Technological Industries Co. (Fibertech) in the first quarter of the year 2000 incurred a loss of SR 7 million, up from a loss of SR 5 million in the comparable period of last year. According to Fibertech“s unaudited financial statement for the first quarter of the current year, sales stood at SR 14 million, up from sales of SR 8.8 million in the first quarter of last year. Sales costs amounted to SR 15.8 million, up from SR 8.9 million in the comparable quarter of 1999. Administrative expenditures amounted to SR 4.7 million, up from SR 2.9 million in the corresponding period of last year. Both assets and liabilities of the company as on 31 March 2000 were balanced at SR 379.9 million, up from SR 350.6 million on the corresponding date of the preceding year. Shareholders“ equity stood at SR 46 million, down from SR 80.4 million in the first quarter of last year. The equity consisted of SR 100 million as paid up capital and SR 0.99 million as a statutory reserve, less SR 47.8 million as accumulated losses and SR 7 million being the period loss. The company was established on 27 February 1985 as a joint stock company with headquarters in Riyadh. The company“s offices were moved to Jeddah in the year 1993. Its objective is to establish, operate and manage fibre-glass factories.