Glass-Fibre Technological Industries Company Report

Saudi Arabia's Glass-Fibre Technological Industries Co (Fibertech) in the first quarter of the year 2000 incurred a loss of SR 7m, (SR 5m). According to Fibertech's unaudited financial statement for the first quarter of the current year, sales stood at SR 14m, up from sales SR 8.8m in the first quarter of last year. Sales costs amounted to SR 15.8m, up from SR 8.9m in the comparable quarter of 1999. Administrative expenditures amounted to SR 4.7m, up from SR 2.9m in the corresponding period of last year. Both assets and liabilities of the company as on 31 March 2000 were balanced at SR 279.9m (SR 350.6m).