Riyadh – Mubasher: Al Tayyar Travel Group Holding on Wednesday posted a 32.2% drop in its net profits for the first quarter of the year to SAR 194 million ($51.7 million) from SAR 286 million ($76.27 million) in the corresponding period the year before.
The profit fall, the company said in a bourse filing, was due to a 9% decline in revenues owing to lower sales in the local travel and tourism sector, particularly those pertaining to government and corporate travel.
Despite a 1000% surge in online sales, ticket prices were down, contributing to the profit decline.
