Riyadh – Mubasher: Wafrah for Industry and Development on Wednesday narrowed its losses by 11.5% year-on-year in the third quarter of 2017.

Net losses declined to SAR 8.26 million in Q3-17, from SAR 9.34 million in the year-ago period, according to a bourse filing.

Wafrah attributed the decrease in its year-on-year net losses to lower selling and distribution expenses by 23.9% and a decline in administrative and general expenses, and other revenues.

At the level of the first nine months of 2017, the firm’s net losses increased 61.3% to reach SAR 13.71 million, compared to SAR 8.49 million in the corresponding period in the year earlier.

By 1:37 pm Saudi time, Wafrah's stock tumbled 2.21% to SAR 20.40.