Riyadh – Mubasher: Saudi Public Transport Co (Saptco) reported an 89.43% drop in net profits in the first quarter of 2017.
Profits amounted to SAR 3.52 million in Q1-17 from SAR 33.31 million in Q1-16, according to a bourse filing on Tuesday.
The fall in net profits was attributable to lower activity revenue, higher cost of activity, in addition to an increase in general and administrative expenses.
Revenues reached SAR 229 million in Q1-17 compared to SAR 257 million in the year-ago period, with a 10.9% decrease.
