Riyadh – Mubasher: Middle East Paper Company (MEPCO) announced its financial results for the second quarter of 2019.
The company incurred SAR 4.02 million in losses during Q2-19, against profits of SAR 28.9 million in Q2-18, according to the firm’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.
The company attributed the turn to losses to decrease in selling prices, increase in selling and distribution expenses, general and admin expenses, impairment loss allowance on account receivables and fair value loss on derivative financial instruments.
Total revenues plunged 19.4% year-on-year to SAR 176.06 million during the three-month period ended in June.
For the first half of 2019, net profits of MEPCO slid by 96.92% to SAR 1.75 million, versus SAR 56.99 million in H1-18.
As for revenues, they levelled down by 19.3% to SAR 357.9 million during the first six months of 2019, against SAR 443.57 million in the same period a year ago.
