Riyadh – Mubasher: Arabian Centres Company’s net profits for the first quarter (Q1) of fiscal year 2020/2021 decreased by 32.5% to stand at SAR 153.1 million, compared with SAR 227 million in the prior-year period.
The contraction in quarterly net earnings was driven by several factors, including a 16.9% slump in revenue, equivalent to SAR 96.7 million, due to the impact of the coronavirus pandemic on the company’s operations, coupled with higher advertisement and promotion expenses by SAR 2.6 million, according to a stock exchange filing on Tuesday.
Meanwhile, impairment loss on accounts receivable surged by 55.9% or SAR 9 million, while general and administrative expenses contracted by 19.5% or SAR 9.4 million.
Revenues recorded SAR 475.9 million in Q1, compared to SAR 572.5 million in the same period in 2019.
