Riyadh - Mubasher: Jabal Omar Development Co on Thursday revealed that the company turned to losses in the third quarter of 2017, against profits in Q3-16.

The net losses amounted to SAR 60.8 million in Q3-17, versus profits of SAR 63.4 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul). 

The company attributed the losses to its failure to achieve revenues from selling residential units and the increase of financing costs, due to operating its Makkah Hilton Hotel for conference purposes only.

Jabal Omar turned to losses in the period ended 30 September 2017, which covers five months and 18 days, with SAR 7 million against profits of SAR 144.7 million in the same period last year, according to the statement.

The company had previously reported that its profits soared 466.8% to SAR 53.8 million in Q2-17, compared with SAR 9.5 million in Q2-16.

In May, Jabal Omar announced plans to amend its fiscal year to follow the Gregorian calendar instead of the Hijri one.

Jabal Omar’s stock inched up 0.56%, closing at SAR 64.08 on Thursday.