Riyadh – Mubasher: Al Ahsa Development on Wednesday reported a net loss of SAR 834,570 ($222,560) in the first quarter of the year against a net profit of SAR 4.98 million ($1.3 million) in Q1-15.
A rise in the cost of revenues due to the unification of financial statements between the company and Al Ahsa Medical Services for the full period as opposed to a 15-day unification in Q1-15 resulted in the losses, the company said in a filing to the Saudi Stock Exchange (Tadawul).
Failure to achieve revenues from the sale of investments available for sale, from the investment portfolio and from other investments have also contributed to Al Ahsa Development’s losses during the quarter.
