Riyadh – Mubasher: Jabal Omar Development on Thursday reported a net loss of SAR 44 million ($11.73 million) in the quarter ended 7 April 2016, against a net profit of SAR 65 million ($17.3 million) in the corresponding period last year.
The company posted losses as it did not see any sales for its residential units during the period, added to the rising cost of funding, it said in a filing to the Saudi Stock Exchange (Tadawul).
On a six-month basis, the development firm achieved a net loss of SAR 119.5 million ($31.86 million) against a net profit of SAR 210.2 million ($56.04 million) in the year-ago period.
