Riyadh – Mubasher: Middle East Paper Co's (MEPCO) net profits declined 80.61% in the first quarter of 2017.
Net profits reached SAR 3.25 million in Q1-17 compared to SAR 16.78 million in the year-ago period, according to a bourse filing on Wednesday.
The drop in profits was due to lower sales value and average selling price, higher sales and finance costs, despite an increase in sales quantity, and decrease in selling and distributing expenses, general and administrative expenses, other expenses, and Zakat expenses.
Sales fell 6% to SAR 166.5 million, down from SAR 176.54 million in the same period of the previous year.
