Riyadh – Mubasher: Saudi Public Transport Co. (SAPTCO) posted a 148% year-on-year increase in its net losses for the first quarter of 2019.
SAPTCO incurred SAR 10.69 million in net losses after zakat and taxes in Q1-19, compared to SAR 4.32 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
The company ascribed the increase in Q1-19 net losses to the rise in activity costs despite the growing operating revenues, combined with an increase in sales and distribution expenses.
Higher administrative expenses driven by the restructuring of the company’s sectors, lower finance income from investment transactions, as well as a rise in fixed assets financing cost also contributed to the growth in net losses in Q1-19.
Quarter-on-quarter, SAPTCO’s losses plunged by 72.1% from SAR 38.28 million in Q4-18.
For the full-year 2018, the Saudi firm’s profits retreated 72% to SAR 22.93 million, compared to SAR 81.74 million in the prior year.
