Mubasher: Methanol Chemical Company (Chemanol) reported a 36.9% decline in net losses to SAR 38.1 million ($10.15 million) in the fourth quarter of 2016 compared to SAR 60.3 million ($16.1 million) the same quarter in 2015.

Losses also decreased by 4.66% compared to the third quarter of 2016, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The year-on-year decline in losses is due to improvement in operating expenses as a result of the company’s cost reduction program and also due to settlement and reversal of a supplier price difference provision, as well as the final settlement of the insurance claim against Para plant fire.

Losses has decreased despite increase in feedstock and energy prices and increase in zakat provision, the statement indicated.

Chemanol also recorded losses of SAR 112.8 million in 2016 compared to SAR 139.9 million in the year before.