Saudi Paper Manufacturing Co. announces the interim financial results for the period ending on 31-12-2016 (Twelve Months)

19 January 2017 05:11 AM

SPM 2300 -0.27% 36.55 -0.10

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	-33.13	-44.37	25.33	-20.78	-59.43
Gross profit (loss)	19.14	18.17	5.34	17.9	6.93
Operational profit (loss)	-19.86	-31.76	37.47	-10.38	-91.33
All figures are in (Millions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	-66.17	-127.11	47.94
Gross profit (loss)	99.96	111.01	-9.95
Operational profit (loss)	-24.84	-43.31	42.65
Earning or loss per share, Riyals	-1.47	-2.82	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	The decline in net loss by SAR 11 million is due to higher gross profit as a result of decline in cost of raw materials and reduction in selling and administrative expenses. Also due to recording higher inventory provision in the same quarter of prior year.
Reasons of increase (decrease) for period compared with same period last year	The decline in net loss by SAR 61 million is due to decline in cost of raw materials and reduction in selling and financing expenses. Also due to recording higher inventory provision in prior year.
Reasons of increase (decrease) for quarter compared with previous quarter	The increase in net loss by SR 12 million is due to increase in marketing expenses.
Reclassifications in quarterly financial results	2015 comparative financial information have been reclassified to conform with the 2016 presentation.
Other notes	During this quarter, net revenues decreased by 23% to SAR 106 million compared to SAR 137 million in the same quarter of prior year due to decline in sales of tissue paper rolls, converted products and export sales. Also, during this year, net revenues decreased by 21% to SAR 477 million compared to SAR 601 million in prior year due to the same reasons meantioned above. The shareholders equity (excluding minority interests) for the period reached SR 461 million compared to SR 528 million for the same period of last year a decrease of 13%. Also loss per share decreased to SAR 1.47 per share compared to SAR 2.82 per share in prior year.

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