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Knowledge EC incurs SAR 5mln losses in Q1

Knowledge EC incurs SAR 5mln losses in Q1
Knowledge Economic City
KEC
4310
0.00% 12.58 0.00

Riyadh-Mubasher: Knowledge Economic City recorded net losses of SAR 4.8 million in the first quarter of 2015, rising 93.2% year-on-year from SAR 2.48 million but declining 91.7% quarter-on-quarter from SAR 58 million.

The loss increase was due to a decline in revenues and cost of revenues as well as high general and administrative expenses and a decrease in financial income, the company said.

It added that the loss decrease resulted from a decline in revenues and cost of revenue as well as high general and administrative expenses and realised profits from land sales.