Riyadh – Mubasher: Saudi Paper Manufacturing Company (SPMC) on Thursday reported a 171.05% increase in net losses for the second quarter of 2018, compared to the year-ago period.

SPMC’s losses amounted to SAR 10.3 million during Q2-18, up from SAR 3.8 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul)

Quarter-on-quarter, the firm turned to losses, after generating SAR 4.7 million net profits.

SPMC attributed the rise in losses to sales drop, whereas administrative expenses rose.

Sales tumbled 11%, reaching SAR 107.5 million during Q2-18, compared to SAR 121.4 million in Q2-17.

Accumulated losses stood at SAR 216 million, representing 48% of its capital by the end of Q2-18.

At the level of the first six months, SPMC’s losses decreased by 44.55%, to SAR 5.6 million, from SAR 10.1 million during H1-17.

The stock fell 1.28% to close Thursday at SAR 7.69.