Riyadh – Mubasher: Al Hassan Ghazi Ibrahim Shaker Company released Thursday the financial results for the period ended 31 December.

The results showed that Q4-15 net loss increased 79% to SAR18 million, compared to SAR10 million in the same quarter a year earlier.

Meanwhile, FY15 net profit declined 69% to SAR137 million, compared with SAR 437 million in FY14.

The fourth quarter’s losses were mainly triggered by cost of sale that increased 9.3% to SAR304 million, compared to SAR274 million for the same period last year, Shaker said.

The company attributed FY15 profit’s decline to the one-off gains recorded in 2014 due to re-evaluating the SAR 304.5 million shareholders' equity maintained in LG Shaker.