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Al Hokair Group suffers SAR 7.5m losses in Q1

Al Hokair Group suffers SAR 7.5m losses in Q1
Al Hokair Group suffers SAR 7.5m losses in Q1
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Riyadh – Mubasher: Abdul Mohsen Al Hokair Group for Tourism and Development Company on Wednesday said it turned to losses during in the first quarter of 2018, against profits in the same period in 2017.

Al Hokair Group incurred SAR 7.52 million net losses during Q1-18, against SAR 8 million net profits in the same period of 2017, according to a bourse filing.

The firm attributed turning to losses to a drop in demand from individuals and corporates on hotels, in addition to rising market competition.

Revenues increased 5% to SAR 271 million in Q1-18, from SAR 258.31 million during the year-ago period. The tourism and development firm attributed the revenue rise to inaugurating new entertainment centres and hotels.

Earnings per share (EPS) amounted to SAR 0.14 in Q1-18 against SAR 0.15 for the same three months in 2017.

“Total shareholders’ equity (minority interests are not available) amounted [to] SAR 652.19 million by end of Q1-18, compared with SAR 695.86 million as at the end of Q1-17, with a decrease of 6.28%,” the statement added.

Quarter-on-quarter, losses decreased by 67.5%.

Al Hokair Group’s stock edged down 0.09%, closing Wednesday at SAR 23.