Riyadh – Mubasher: Saudi Printing and Packaging on Thursday announced turning to losses in the second quarter of 2017, against profits in the year-ago period.
Net losses stood at SAR 12.81 million in Q2-17, against SAR 390,000 in profits in Q2-16, according to statements to the Saudi Stock Exchange (Tadawul).
The Tadawul-listed firm attributed turning to losses to the decrease in sales value and the drop in the profit margins of some products.
Sales fell 2.4% to reach SAR 253.08 million in Q2-17, compared to SAR 259.37 million in the same period in the year before.
At the level of the first six months of 2017, the Saudi printing and packaging corporation's net losses amounted to SAR 28.61 million, against net profits of SAR 4.2 million.
Sales tumbled 3.6% to SAR 495.3 million in H1-17, from SAR 513.8 million in the corresponding period in the year earlier.
By 1:29 pm Saudi time, the stock increased 3.05% to SAR 18.26.
