Riyadh-Mubasher: Red Sea Housing Services recorded net earnings of SAR 27 million in the fourth quarter of 2015, a fall of 7.5% compared with SAR 29 million in the prior-year period.
The fourth-quarter profit decline was due to higher selling and marketing expenses, the company said.
Full-year net profits dropped 51% year-on-year from SAR 157 million to SAR 76 million.
The 12-month profit decline was attributable to low revenues from building sales and decline in gross profit margins on price pressures, the company added.
