Saudi Paper Manufacturing Co. (SPMC) broadened net losses after zakat and tax to SAR 52.6 million in the first nine months of 2018, compared to net losses of SAR 13.3 million a year earlier. The weak performance was attributed to increased provisions for impairment of receivables, and lower other income.
In addition, higher general and administrative (G&A) expenses also weighed on the nine-month figures.
In the third quarter, SPMC widened net losses after zakat and tax to SAR 37.3 million, from SAR 3.1 million in Q3 2017 owing to lower sales volumes of paper rolls and increased provisions for impairment of receivables on implementation of IFRS 9.
The company also widened net losses from SAR 10.3 million in Q2 2018 on a decline in other income.