Riyadh-Mubasher: Saudi Real Estate posted a 28.76% decline year-on-year in its net profits during the second quarter of 2016, according to a bourse filing.
Net profits reached SAR 18.97 million ($5.06 million) in Q2-16, compared to SAR 36.72 million ($9.79 million) in Q2-15.
Lower Q1-16 profits resulted from “financing charges, and to recognizing a provision for the decrease in an investment in (Arabian United Float Glass Company, UFG) for the amount of SAR 3.1 million”, the company said.
Gross income and operating income increased due to an increase in rental income.
The company generated profits of SAR 45.6 million in H1-16, a 42.88% decline from SAR 79.83 million in H1-15.
