Riyadh – Mubasher: Abdullah Abdul Mohsen Al Khodari Sons’ losses hiked 234.35% to SAR 47.76 million ($12.74 million) in the third quarter of 2016, compared to SAR 14.28 million ($3.8 million) in the same quarter of 2015.
Losses were mainly attributed to the decrease in revenues by 39% to SAR 131.6 million.
Direct costs fell 26% to SAR 82.4 million in Q3-16 owing to reduced manpower and depreciation costs.
Moreover, sales and marketing expenses declined 58% to SAR 2.4 million, adding to the decrease of general and administrative expenses by 46% to SAR 0.45 million.
The Saudi-listed company recorded a loss of SAR 87 million in the first nine months of 2016 against SAR 34.55 million net profits in the year-ago period.
