Saudi Arabian Mining Company (Maaden) has announced its 1Q2016 financial results, showing earnings of SAR168.9 million, showing a 35% Y-o-Y decline, but improved from losses of SAR5.6 million in 4Q2015. Gross profit for the period came in at SAR492 million (-7.6% Q-O-Q, -20% Y-o-Y), while operating profit came in at SAR302 million (+66.7% Q-o-Q, -21.8% Y-o-Y). The Company attributed the improvement in earnings on a Q-o-Q basis to ongoing cost-reduction initiatives, which led to i) a 50% decline in selling, marketing and logistic expenses; ii) a 33% drop in general and administrative expenses; and iii) a 72% decline in exploration and technical services expenses. Net income was also boosted by i) an increase in income from short-term investments and other income; ii) a reduction in the loss of jointly controlled entity; and iii) a decrease in the provision for zakat. Maaden also noted that revenues were down 15% Q-o-Q, mainly on a 24% Q-o-Q drop in DAP and ammonia prices, despite slightly higher prices for gold and aluminium. (Tadawul)