National Industrialization Company (Tasnee) [2060.SE] announced its 1Q2016 results highlights, with net losses declining to SAR95 million, from a loss of SAR333 million a year ago and a loss of SAR687 million in the previous quarter. Gross profit was SAR660 million, down 7% Y-o-Y, but a solid improvement over the SAR363 million reported in 4Q2015, while operating income fell 9% Y-o-Y to SAR212 million, which was significantly better than the SAR663 million operating loss reported last quarter. According to the release, the improved earnings were mainly driven by: i) higher sales volumes; and ii) lower S,G&A expenses as the previous quarter included some one-off S,G&A costs. (Tadawul)