Riyadh – Mubasher: Saudi Automotive Services Co. (SASCO) on Wednesday posted a net profit of SAR 1.63 million ($434,000) in Q1-16, registering a drop of 49.5% from SAR 3.23 million ($861,000) in the same period a year earlier.
The decline was due to lower income from investments owing to SASCO’s shrinking portfolio of listed stocks, added to higher general and administrative expenses as well as increased prices of energy products, the company said in a bourse filing.
