Riyadh – Mubasher: Saudi Transport and Investment (Mubarrad) said Sunday that its profits for the second quarter of 2016 decreased 47.14% year-over-year to SAR 10.72 million ($2.86 million) from SAR 20.28 million ($5.4 million), according to a bourse filing.

The company attributed this decline to operating profits and income that declined by SAR 23.3 million and SAR 6.5 million respectively, after selling a plot of land which produced operating profits during the year-ago quarter.

On a six-month basis, the company registered SAR 25.5 million profits in the first half, higher 23.3% year-over-year from SAR 20.7 million.

In the first quarter of 2016, the company earned SAR 14.78 million, compared to SAR 403,000 for the year-ago quarter.