Riyadh – Mubasher: Tourism Enterprises Company (Shams) reported on Sunday net losses of SAR 2.4 million in the fourth quarter of 2015, compared to a profit of SAR 450,000 in the same period of 2014.

Net profit fell to SAR 2 million in 2015 from SAR 4.8 million in 2014, with a drop of 58%, according to the company’s financial statements.

The company attributed the rise in losses to the maintenance, modernization and development of the facilities and units.