Riyadh – Mubasher: Fitaihi Holding Group reported on Thursday net losses of SAR 4.9 million ($1.3 million) for the second quarter of the fiscal year 2016, against a net profit of SAR 21.5 million ($5.7 million) posted for the same period of 2015.
Net losses widened by 1,874% quarter-on-quarter, according to a bourse filing.
The shift to losses was a result of lower sales and investment losses of SAR 15.5 million, in addition to the increase in Zakat expenses to SAR 1.9 million.
In the first half of fiscal 2016, net losses amounted to SAR 5.2 million, versus a net profit of SAR 38.3 million reached in the same period the previous year.
Fitaihi earlier posted net losses of SAR 30.16 million ($8.04 million) for Q1-16, compared to a net profit of SAR 18.5 million reported for Q1-15.
