Riyadh - Mubasher: The financial statement of Tourism Enterprises Company (Shams) showed that the company achieved losses of SAR 1 million in the first quarter of 2017 versus profits of SAR 643,200 in the same period last year.

The company said in a statement to the Saudi Stock Exchange (Tadawul) on Monday that losses are attributed to lower revenues from leasing units in palm beach, the decline in the number of clients, as well as the increase in operational expenses.

Sales dropped 48.47% and totalled SAR 3.36 million in Q1-17 compared to around SAR 5 million in Q1-16.