Alujain Corporation [2170.SE] has reported its 1Q2016 financial results, showing a 92% Q-o-Q decline in earnings to only SAR2.17 million and compared to losses of SAR16.8 million in 1Q2015. Gross profit came in at SAR47.4 million (-48.4% Q-o-Q, +215% Y-o-Y), while operating profit declined 59.5% Q-o-Q to reach SAR29.3 million and compared to losses of SAR3.3 million in 1Q2015. The company attributed the decline in earnings on a quarterly basis to i) lower sales volumes; as well as ii) weaker polypropylene prices, which decreased more than the drop in feedstock prices. Alujain also noted that both 1Q2016 and 4Q2015 faced shutdowns due to technical  problems. (Tadawul)