Riyadh – Mubasher: Filing and Packing Materials Manufacturing Company (FIPCO) reported a 29.8% decrease in net profit in the first quarter of 2017.

Net earnings reached SAR 3.18 million ($847,600) in Q1-17 from SAR 4.53 million ($1,210) in Q1-16.

The decline in net profits was attributed lower gross profit resulted from a decrease in sales volume and average selling prices to maintain the company market share.

An increase in general and administrative expenses in spite of higher other income, according to a bourse filing on Wednesday.

Operational profit declined 56.12% to SAR 2.08 million from SAR 24.27 million in the year-ago period.