Riyadh-Mubasher: Filing and Packaging Materials Manufacturing Co. (FIPCO) reported net earnings of SAR 5.52 million for Q2-15, falling 16% compared with SAR 6.54 million in the corresponding period of 2014.

Net earnings for the six-month period ended 30 June dropped 40% year-on-year from SAR 13.47 million to SAR 8.02 million.

The Tadawul-listed company said the profit decline was due to high cost of sales, low sale prices and increase in general and administrative expenses.