Riyadh – Mubasher: Saudi Ground Services Co on Sunday reported a 17.37% year-on-year drop and a 30.89% quarter-on-quarter rise in profits for the third quarter of 2017.

Net profit retreated to SAR 160 million in Q3-17, versus SAR 193.7 million in the prior-year period, the firm highlighted in a filing to the Saudi Stock Exchange (Tadawul).

The company attributed the drop in annual net profit to the decrease in revenues by SAR 44 million due to adjusting the prices of some services, in line with extending general and administrative expenses with SAR 8.2 million.

Finance income declined by SAR 2.6 million and the impact of reducing revenue and the increase in general and administration expenses has been offset by the reduction in operating cost by SAR 20.5 million, the firm indicated.

In the first nine months of 2017, net profits dwindled 24.79% to SAR 437.45 million from SAR 581.67 million in the year-ago period.

Ground Services’ stock closed Sunday’s session 1.39% down at SAR 38.30.