Riyadh – Mubasher: Saudi Arabia-based Red Sea International Co. on Thursday reported an 8.8% year-on-year increase in losses during the third quarter of 2018, and 309.2% surge in losses for the first nine months of the year.
Red Sea International’s net losses after calculating Zakat and Tax amounted to SAR 13.78 million ($3.67 million) by the end of Q3-18, up from SAR 12.66 million ($3.38 million) during Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).
The firm attributed the rise in losses to drop by SAR 5.3 million in gross profits.
Revenues grew 1.2% to SAR 188.50 million from July to September, compared to SAR 186.23 million a year earlier.
Quarter-on-quarter, losses increased by 40.3%, from SAR 9.8 million.
At the level of the first nine months, Red Sea International’s net losses after calculating Zakat and Tax surged by 309.2% to SAR 39 million, from SAR 9.53 million in the same months last year.
Year-on-year, sales fell 12.25%, reaching SAR 537.36 million from SAR 612.35 million.
Losses per share (LPS) amounted to SAR 65, up from SAR 16.
Red Sea International Co.’s stock shed 0.41% to close Thursday’s trading session at SAR 14.42.
