Riyadh – Mubasher: Saudi Ceramics suffered losses of SAR 6 million ($1.6 million) during the fourth quarter of 2016 against a net profit of SAR 55.65 million ($14.84 million) in the same quarter a year ago, according to a bourse filing.

During the fiscal year of 2016, profits shrank by 91.4% to SAR 24.54 million when compared to SAR 283.82 million a year ago.

The negative turn in Q4 financials was due to a decrease in sales caused by lower local market demand, in addition to higher financing costs and a decrease in other revenues since there were nonrecurring savings in the same quarter of previous year, the statement noted.