Riyadh – Mubasher: Saudi Arabia-based Methanol Chemicals Company (Chemanol) on Tuesday reported an 82.9% increase in its losses during the first quarter of 2018, compared to a year-ago period.

Chemanol’s losses rose to SAR 10.26 million during the three-month period ended March 2018, from SAR 5.61 million in Q1-17, according to a bourse filing.

The Saudi chemicals firm attributed the hike of first-quarter losses to a decrease in sales volumes, coupled with scheduled maintenance works.

Revenues saw a decline of 12% to SAR 157.2 million during Q1-18, compared to SAR 179.4 million in the same period of 2017.

Quarter-on-quarter, Chemanol’s losses were trimmed by 30.7% after registering SAR 14.8 million during Q4-17.

By 10:22 am KSA time, the stock fell 2.08% to SAR 9.88.