Riyadh – Mubasher: Al Tayyar Travel Group Holding registered a 24.24% drop in profits during the second quarter this year compared to the same period last year, while it posted a 54.64% increase compared to the previous quarter.
Earnings amounted to SAR 300 million ($80 million) in Q2-16, down from SAR 396 million ($105.6 million) in Q2-15, according to a bourse filing.
During the first half of 2016, profits decreased to SAR 494 million versus SAR 681 million in H1-15; a drop of 22.46%.
The fall in profits was due to lower travel sales from the government sector and its affiliates, the statement noted.
Al Tayyar has decreased the price of some services in order to raise its market share, the company said, adding that a provision worth SAR 44.5 million was allocated for losses from registered intangible assets.
