Riyadh – Mubasher: Emaar The Economic City turned to losses in the third quarter of 2016, according to a bourse filing on Wednesday.

The company recorded SAR 81 million ($21.6 million) losses in Q3-16 against SAR 8 million ($2.13 million) profits in Q3-15.

The losses of Q3 were attributed to lower profit margine of sold residential products, higher general and administration expenses, and depreciation and financial charges.

Court ruling relating to sale of a development property and the change in infrastructure cost estimate of residential land also contributed to the losses achieved, the statement said.

Emaar achieved net losses of SAR 32 million during the first nine months of 2016 versus SAR 144 million profits in the same period of 2015.

Total revenues hiked 95% to SAR 332.2 million in Q3-16 compared to SAR 169.89 million in the year-ago period.