Riyadh – Mubasher: Filing and Packing Materials Manufacturing Company (FIPCO) reported turning to losses during the first quarter of 2019.

FIPCO’s losses after calculating Zakat and Tax amounted to SAR 2.5 million in Q1-19, against a profit of SAR 1.1 million during Q1-18, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed its first-quarter losses to a rise in general and administrative expenses, coupled with lower total profits.

Year-on-year, FIPCO’s revenues rose 2.5% to SAR 36.7 million in Q1-19, from SAR 35.8 million.

Quarter-on-quarter, the company trimmed losses by 56.9%, from SAR 5.8 million in Q4-18.

In March, FIPCO reported incurring SAR 3.1 million in losses during 2018, against a profit of SAR 5.2 million a year ago.