Riyadh - Mubasher: Saudi Paper Manufacturing Company (SPMC) reported a drop in losses by 47.2% in the second quarter of the year compared to the same period in 2016.

Losses reached SAR 3.8 million in Q2-17 compared to SAR 7.2 million in Q2-16, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The bourse filing also indicated a decrease in losses of 39.7% quarter-on-quarter, as losses totalled SAR 6.3 million in the first quarter of the year.

The decline in losses in losses is attributed to a higher profit margin and a cut in administrative and general costs.

As for the first half of the year, losses went down by 29.1% and reached SAR 10.1 million compared to SAR 14.3 million in H1-16.