Riyadh – Mubasher: Saudi Printing and Packaging on Tuesday announced that it turned to losses in the third quarter of 2016.
The company recorded SAR 11.9 million ($3.17 million) losses in Q3-16 against SAR 10.9 million ($2.9 million) profits in Q3-15.
The losses recorded in Q3 are due to economic circumstances in some foreign markets, adding to lower profit margin of some sales, according to a bourse filing.
Changing the policy of calculating the doubtful debts provision which resulted in higher related expenses also contributed to the losses.
Saudi Printing’s losses reached 7.5 million in the first nine months of 2016 from SAR 50.7 million in the year-ago period.
