Riyadh - Mubasher: Saudi Industrial Export Company (SIEC) reported a jump in losses for the second quarter of 2017 by 2782% year-on-year, with an increase of 633% quarter-on-quarter.
The company said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday that losses amounted to SAR 13.2 million in Q2-17, compared to SAR 46,000 in Q2-16, and SAR 1.8 million in the first quarter of the year.
The company attributed the surge in losses to lower sales and revenues, as well as the increase in administrative and services costs.
As for the first half of the year, losses went up by 15156% to SAR 15 million, up from SAR 93,000 during the same period last year.
