Riyadh-Mubasher: Saudi Airlines Catering Company reported a 17.49% profit decline for the second quarter of 2016, according to interim financials.

Profits reached SAR 145 million ($38.7 million) in Q2-16, compared to SAR 175.82 million ($46.9 million) in Q2-15.

Gross profit went down 3% year-on-year (y-o-y) in Q2-16 due to an increase in annual salary and rents.

Total revenues increased by 0.9% y-o-y due to a growth in retail business by 20.7% and business lounges by 28.7%.

In the first half of 2016, profits retreated 16.47% to SAR 286.74 million from SAR 343.26 million in the prior-year period.