Riyadh - Mubasher: Filing and Packing Materials Manufacturing Company (FIPCO) reported on Sunday a net profit of SAR 3.74 million ($998,000) for the second quarter of fiscal 2016, 32.25 down from SAR 5.52 million ($1.47 million) posted for Q2-15.
The year-on-year fall was a result of lower selling prices, which are mainly attributed to the decrease in cost of raw materials and the increase in general and administrative expenses, as well as a decrease in other revenues, according to a bourse filing.
In the first half of fiscal 2016, net profit grew 5.11% to SAR 8.43 million from SAR 8.02 million in the same period of 2015.
The company said the rise was resulted from a decrease in cost of sales, specially the cost of raw materials.
FIPCO earlier posted a net profit of SAR 4.69 million for Q1-16, 87.6% up from SAR 2.5 million reported for Q1-15.
