Ash-Sharqiyah Development’s losses fall 61% in Q1

Riyadh – Mubasher: Saudi Arabia-based Ash-Sharqiyah Development reported a 60.8% year-on-year decline in losses in the first quarter of 2019.

The Saudi firm’s net losses retreated to nearly SAR 729,300 in Q1-19 from SAR 1.86 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The net loss drop was ascribed to lower operating expenses after the suspension of the agricultural activity, along with declining administrative expenses on the back of reducing the number of company’s employees.

Quarter-on-quarter, Ash-Sharqiyah Development’s losses plunged 21.5% from around SAR 926,000 in Q4-18.

Mubasher Contribution Time: 24-Apr-2019 14:28 (GMT)
Mubasher Last Update Time: 24-Apr-2019 14:32 (GMT)