Riyadh – Mubasher: Wafrah for Industry and Development Company announced turning to losses in the second quarter of 2017 year-on-year, while losses declined 89.97% in Q2-17 on a quarterly basis, according to a bourse filing on Thursday.

On a yearly basis, net losses amounted to SAR 496,300 in Q2-17, against profits of SAR 696,400 in Q2-16.

The firm attributed turning to losses to a decrease in sales in general, especially in seasonal sales, in addition to the high cost of sales.

Losses reached SAR 5.4 million in the first six months of 2017, compared to profits of SAR 839,470 in the corresponding period of 2016.

The company’s losses amounted to SAR 4.95 million in Q1-17, versus profits of SAR 143,000 in Q1-16.

Wafra’s stock closed Wednesday’s trading session at SAR 22.56, slipping 2.46%