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Al Khodari posts SAR 43m losses in Q2

Al Khodari posts SAR 43m losses in Q2
Direct costs fell 21.3% to SAR 76.7 million in Q2-16- (Photo Credit: Arabianeye-Reuters)
Al Khodari
1330
-6.26% 5.39 -0.36

Riyadh-Mubasher: Abdullah Abdul Mohsen Al Khodari Sons achieved SAR 43.3 million ($11.55 million) net losses in the second quarter of 2016, compared to SAR 34.86 million ($9.3 million) in the same quarter of 2015.

Losses were mainly attributed to the decrease in revenues by 37.4% to SAR 150.7 million and to a decline in other income by 43.7% to SAR 11.4 million, which were due to falling equipment sales.

Direct costs fell 21.3% to SAR 76.7 million in Q2-16 owing to reduced manpower and depreciation costs.

The Saudi-listed company recorded a loss of SAR 39.2 million in the first half of 2016, down from SAR 48.83 million in the year-ago period.