Saudi Paper cuts accumulated losses to 33% of capital

Saudi Paper Manufacturing Company (SPMC) reported SAR 80.55 million in accumulated losses, accounting for 32.88 percent of its capital as of March 31, 2019, the company said in a statement to Tadawul on Monday. 

The losses narrowed on the back of improved collections, which led to reversal of a provision for impairment of trade receivables.

SPMC developed a plan to cut costs and expenses, boost production capacity and improve quality.

The plan coincided with launch of a new product, the company said, adding that it is looking forward to raising its sales and cutting fixed production costs per ton.