Riyadh – Mubasher: Aseer Trading, Tourism and Manufacturing Company’s net profit dropped 76.73% year-on-year to SAR 15.1 million ($4.03 million) in the second quarter of 2016 from SAR 64.9 million ($17.3 million).
The net profit decrease was attributed to lower gross and operating incomes, lower revenues from investments, and higher sales and distribution expenses of subsidiaries.
Higher financial costs also contributed to the decline in net profit, according to a bourse filing on Wednesday.
The Saudi-listed company achieved SAR 35.7 million losses in the first half of 2016 against SAR 125.3 million net profit in the same period of the previous year.
