Riyadh - Mubasher: Red Sea International Co. on Monday revealed that it suffered losses in the third quarter of 2017 against profits in the same quarter in 2016.

The company incurred net losses of SAR 12.7 million in Q3-17 against net profits of SAR 10.5 million in the year-ago, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

Red Sea International attributed its losses to the decline in gross profits decrease by SAR 36.9 million which resulted from the reduction in gross profit margin to 12.6% in Q3-17 from 24.1% in the same quarter of 2016.

This reduction was ascribed to lower revenues generated from the sale of buildings as well as rental sales, which retreated by 29.9% and 23.2%, respectively.

At the level of the first three quarters of 2017, Red Sea International also suffered losses reaching SAR 9.5 million versus SAR 73.4 million in profits in the same period in 2016, according to the statement.

The company had previously reported incurring losses of SAR 5.6 million in Q2-17, compared to SAR 31.2 million in Q2-16.

Red Sea International’s stock ended Monday’s trading session at a rise of 4.5% to SAR 20.60.