Riyadh – Mubasher: National Shipping Company of Saudi Arabia's (Bahri) profits decreased 37.61% to SAR 318.37 million in the third quarter of 2016 from SAR 510.3 million in the same quarter of 2015.
The decrease in net income was due to an overall fall in spot markets rates year-on-year, adding to the decline in average Time Charter Equivalent (TCE) rate in crude oil transportation spot market, according to a bourse filing.
The decrease in the company share in profits of Petredec limited also contributed to lower profits.
Bahri's profits rose 14.65% to SAR 1.43 billion in the first nine months of 2016 as compared to SAR 1.25 million in the same period of 2015.
Total revenues decreased to SAR 1,356 million in Q3-16 compared to SAR 1,917 million in the year-ago period.
