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Saudi Ceramic Q1 profit down 3.6%

Saudi Ceramic Q1 profit down 3.6%
Photo Credit: Arabianeye-Reuters
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Riyadh-Mubasher: Saudi Ceramic reported net earnings of SAR 84.3 million in the first quarter of 2015, falling 3.6% year-on-year from SAR 87.42 million, but jumping 40.85% quarter-on-quarter from SAR 59.83 million.

The y-o-y profit decline was due to an increase in costs and reduction in selling price, as well as rise in selling and administrative expenses, the company said.

The ceramics manufacturer attributed the q-o-q profit growth to an increase in sales revenue and gross profit, despite the rise in selling and administrative expenses.