Riyadh-Mubasher: Makkah Construction and Development reported a 2.35% profit decline to reach SAR 83 million in the third quarter ended 30 Muharram 1437, compared to SAR 85 million in the same period of 1436, according to a bourse filing on Thursday.

Meanwhile, profits grew 0.41% to reach SAR 242 million in the first nine months of 1437, compared to SAR 241 million in the corresponding period a year earlier.

The drop in Q3 profits is mainly attributed to a decline in revenues and room occupancy in Makkah Hilton Towers, in addition to an increase in activity-based costing, and general and administrative expenses.