Riyadh – Mubasher: Dur Hospitality Company turned to net losses of SAR 8.4 million during the third quarter (Q3) of the year, compared with net profits of SAR 15.2 million in the same quarter in 2019.
The move to loss resulted from a drop in revenue from the company’s hotels in Makkah city due to the halt of Umrah and Hajj services because of the coronavirus outbreak, according to a bourse statement on Wednesday.
Meanwhile, the company formed provisions for doubtful debts.
Revenue for the quarter ended in September 2020 fell by 28.4% annually to SAR 99.6 million.
During the first nine months of 2020, the company swung to losses of SAR 7.5 million, against profits of SAR 28.5 million last year.
