Riyadh - Mubasher: Abdullah Abdul Mohsen Al Khodari Sons reported a decline in losses by 55.5% year-on-year in the second quarter of 2017, according to a bourse filing.

However, losses increased by 40.91% compared to the previous quarter, as shown by the company’s financial statements.

The company said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday that net losses amounted to SAR 25 million by the end of Q2-17 down from SAR 56.23 million in the corresponding quarter of 2016.

According to the company’s statement, the drop in losses is attributed to a decline in direct costs by 50%, as well as a retreat in administrative costs by 26%.

On the other hand, other revenues grew by 7.5% on the back of an increase in the sales of the annual auction, besides a decrease in financing and zakat costs.