Riyadh – Mubasher: Saudi Airlines Catering Company posted on Tuesday a net profit of SAR 141.6 million ($37.76 million) in the first quarter of fiscal 2016, 15% down from SAR 167.4 million ($44.64 million) in Q1-15.
According to a bourse statement, the fall was attributed to the high amount of provision releases in 2015 as allowance for bad debts reached SAR 11.3 million ($3.01 million), and general and administrative expenses came to SAR 19.2 million ($5.12 million).
