Riyadh - Mubasher: Aseer Trading, Tourism and Manufacturing posted a decline in net profits by 76.28% year-on-year in the second quarter of the year, and by 82.13% compared with the previous quarter, as shown by the company’s financial statements.

The company said in a statement to the Saudi Stock Exchange (Tadawul) on Monday that profits reached SAR 3.7 million in the second quarter of the year compared to SAR 15.6 million in the same period last year.

The year-on-year drop in profits was attributed to the decrease in gross income and income from operations resulting mainly from the decline in gross profit from sales in subsidiaries, shrinkage in income from investments, in addition to a decrease in other income and a rise in financing costs, the statement explained.

Meanwhile, the company reported profits of SAR 24.4 million for the first half of the year versus losses of SAR 35 million in the corresponding period of 2016.