Hail Cement widens loss, Saudi Arabia

Saudi Arabia-based cement company Hail Cement has increased its losses in the second quarter of 2012 to US$2.29m, up by 36 per cent from the US$1.68m it lost in the first quarter.

The loss is attributed to the pre-operating stage it is currently undergoing with operations due to begin in the first quarter of 2013.

For the first six months of this year, the company’s net loss was US$3.97m. (Source: Middle East North Africa Financial Network).