Riyadh – Mubasher: Dur Hospitality saw a fall of 22.25% in net profits during the first quarter of 2016.
Profits amounted to SAR 24.65 million in Q1-17 from SAR 31.7 million in Q1-16, according to a bourse filing on Sunday.
The company attributed the decrease in net profits to lower revenues of some of the hotel properties in Riyadh due to the competition effect, in addition to lower demand from the business segment on the hospitality sector.
Total sales decreased 12.2% to SAR 118.4 million compared to SAR 134.9 million in the same period of the previous year.
