Riyadh – Mubasher: Ash Sharqiyah Development on Thursday posted a 94.85% year-on-year hike in losses for the second quarter of 2017, while losses rose 7.46%, compared to Q1-17.
Net losses increased to SAR 3.87 million in Q2-17 from SAR 1.98 million in the corresponding period last year, according to a filing to the Saudi Stock Exchange (Tadawul).
The company attributed the increase in net losses to the decrease in sales by 85% to SAR 400,000 in Q2-17 from SAR 2.69 million in Q2-16, which led to a total loss of SAR 1.79 million in Q2-17 from SAR 1.56 million in the same quarter of the year before.
Despite the decrease in general and administrative expenses by 16% to SAR 850,000 in Q2-17 from SAR 1.03 million in Q2-16, the company recorded operating losses of SAR 2.65 million in Q2-17 from SAR 2.59 million in Q2-16, the statement noted.
In the first six months of 2017, losses surged 23.17% to SAR 7.47 million from SAR 6.06 million in the same period of 2016.
The financial statements of the firm had previously shown an 11.7% decline in losses to SAR 3.6 million in Q1-17, compared to SAR 4.08 million in the prior-year period.
Ash Sharqiyah Development’s stock closed Wednesday’s trading session 7.40% up at SAR 51.93.
