Riyadh - Mubasher: Saudi Ceramics turned to losses in the third quarter of 2016 as it logged losses of SAR 45.8 million ($12.2 million) against profits of SAR 62.65 million ($16.7 million) for the same period of the previous year.

The company attributed its losses in Q3-2016 to the decline of sales on the slowdown of demand in local market as well as the company’s movement towards cutting its selling price in order to maintain its market share.

The increasing general and administrative expenses and financing costs have also contributed in turning the company’s results to losses.

As for the first nine of 2016, the company reported a decline of nearly 86.6% y-o-y  in its net profits as it reached SAR 30.56 million