Riyadh- Mubasher: Saudi Fisheries Company (Al Asmak) on Thursday announced that net profits declined 9.8% to SAR 9.23 million in the first quarter of 2017, compared to SAR 10.22 million in the same quarter last year.

The company attributed the decrease in the year-on-year profits to the rise in financing cost, according to a bourse filing.

Total sales amounted to SAR 10.97 million in Q1-17, compared to SAR 19.48 million in Q1-16.

By the end of the period ended 31 March 2017, the company’s accumulated losses reached SAR 384.67 million, representing 72% of its capital.

Al Asmak’s share ended Thursday at a rise of 0.49% to SAR 24.39.