Riyadh – Mubasher: Methanol Chemical Co.’s (Chemanol) net losses retreated 7.03% year-on-year to SAR 39.91 million ($10.64 million) in the third quarter of 2016 from SAR 42.93 million ($11.45 million).
The decline in gross loss was mainly attributed to improvement of cost of sales despite the increases in natural gas and electricity, according to a bourse filing on Wednesday.
Reduction in operating losses, which were offset by the increase in financing charges due to restructure loan margin also contributed to lower losses.
On overall basis the losses attributed to the fall in product prices, the statement said.
The Saudi-listed company’s net losses decreased 6% to SAR 74.77 million in the first nine months of 2016 from SAR 79.62 million in the same period of the previous year.
