Riyadh – Mubasher: Saudi Paper Manufacturing Company's (SPMC) on Monday said its net losses decreased by 85.6% year-on-year in the third quarter of 2017.

Net losses were trimmed to SAR 3.1 million in Q3-17, from SAR 21.5 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, losses fell 18.4%.

The Saudi paper manufacturing firm attributed the decline in its year-on-year net losses to the increase in value and ratio of profit margin, and decrease in administrative, general, and other expenses.

Year-on-year, revenues surged 37% to reach SAR 138.4 million in Q3-17, compared to SAR 100.7 million.

Net losses fell 63.2% reaching SAR 13.3 million in the first nine months of 2017, compared to SAR 36.1 million in the same period in the year earlier.

Revenues grew 5% to SAR 388.4 million from January to September 2017, from SAR 371.1 million in the corresponding period in 2016.

By 2:50 pm KSA time, SPMC’s stock lost 1.05% to reach SAR 7.53.