Saudi's Ma'aden slumps to Q4 net loss on lower prices, gold sales

DUBAI Tue Jan 21, 2014 9:12am EST

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DUBAI Jan 21 (Reuters) - Saudi Arabian Mining Co (Ma'aden), the Gulf's largest miner, slumped to a fourth-quarter net loss as the firm was hit by lower prices for its petrochemical products and gold and lower sales of the precious metal.

The company reported on Tuesday a net loss of 29.2 million riyals ($7.8 million) in the three months to Dec. 31, compared with a net profit of 405.5 million riyals in the corresponding period of 2012, according to a bourse filing.

Aljazeera Capital had forecast Ma'aden would record a net profit of 90 million riyals in the fourth quarter.

Ma'aden's full-year 2013 net profit jumped 54.2 percent to 1.68 billion riyals, boosted by a significant one-off gain in its third-quarter earnings.

($1 = 3.7504 Saudi riyals) (Reporting by David French; Editing by Mark Potter)

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