Riyadh – Mubasher: Saudi Public Transport Co. (SAPTCO) on Sunday reported turning to loss during the second quarter of 2018, against posting profit in the year-ago period.
SAPTCO incurred a net loss of SAR 29.8 million during the period between April and June, against generating SAR 39.46 million in profits during Q2-17, according to a bourse filing.
The Saudi public transport firm attributed the negative turn in its financials to a drop in assets held for sales, a decrease in equipment, plant, and property values by SAR 5.4 million, coupled with lower income. SAPTCO also stated losses rose after administrative expenses increased by SAR 6.2 million.
The Tadawul-listed company’s revenues grew 11% to SAR 325.5 million in Q2-18, from SAR 294.2 million during the same quarter a year earlier.
The firm suffered a loss of SAR 34.13 million during the first six months of 2018, against a profit of SAR 43 million in H1-17.
By 10:46 am Saudi time, SAPTCO’s stock dropped 4.65% to SAR 13.52.
