Riyadh-Mubasher: Middle East Paper Company (MEPCO) posted an 88% profit plummet to SAR 2.7 million during the fourth quarter of 2015, compared to SAR 23 million in the same quarter of 2014, according to a bourse filing.
In the fiscal year 2015, net profits dropped 51% to SAR 55 million from SAR 111.3 million in the fiscal year 2014.
The quarterly and annual profit decline is mainly attributed to a decline in average selling price of paper and sales, in addition to an increase in sales and marketing expenses due to higher freight expenses on account of increase in export volumes.
