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Ash Sharqiyah Development trims losses by 18% in Q3

Ash Sharqiyah Development trims losses by 18% in Q3
Losses reached SAR 4.66 million in Q3-17, compared to SAR 5.7 million in Q3-16, according to a bourse filing
SHARQIYAH DEV
6060
20.99% 19.14 3.32

Riyadh – Mubasher: Ash Sharqiyah Development on Thursday narrowed its net losses by 18.2% year-on-year in the third quarter of 2017.

Losses tumbled to SAR 4.66 million in Q3-17, from SAR 5.7 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, losses increased 20.6%.

The Tadawul-listed firm attributed the decline in its year-on-year net losses to a drop in operating costs, and a decrease in selling and distribution costs.

The firm’s net losses rose 3.2% to reach SAR 12.13 million in the first nine months of 2017, compared to SAR 11.76 million in the same period in the year before.

By 1:45 pm KSA time, the stock shed 0.27% to reach SAR 44.65.