Riyadh – Mubasher: Saudi Printing and Packaging on Monday posted a 76.03% year-on-year decline and an 83.55% quarter-on-quarter drop in its net loss for the second quarter of 2018.

The firm’s net losses retreated to SAR 3.07 million in the three-month period ended June, versus SAR 12.81 million in the corresponding quarter a year earlier, according to a filing to the Saudi Stock Exchange (Tadawul).

The increase in operating profits and the decline in net loss were mainly driven by the management’s incline tendency to restructure administrative and sales cost, which led to lower general, administrative, selling, and marketing expenses, the company said.

In the first half of 2018, net losses fell by 24.08% to SAR 21.72 million, versus SAR 28.61 million in H1-17.

Saudi Printing previously reported an 18.4% year-on-year increase in its net losses in Q1-18, registering SAR 18.7 million in Q1-18, up from SAR 15.8 million.

The company’s stock closed Monday down 0.74% at SAR 18.86.