Riyadh – Mubasher: Aseer Trading, Tourism and Manufacturing turned profitable in the first quarter of 2017.

Net profits reached SAR 20.7 million in Q1-17 versus net losses of SAR 50.6 million in Q1-16, according to a bourse filing on Tuesday.

The company attributed achieving profits in the first quarter to higher gross and operational incomes resulting mainly from generating profits from investments, in addition to lower sales and distribution expenses, and general and administrative expenses.

Revenues from sales decreased 17.7% to SAR 457.6 million in Q1-17 compared to SAR 555.7 million in Q1-16.