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SAPTCO turns to losses in Q1

SAPTCO turns to losses in Q1
SAPTCO suffered losses of SAR 4.32 million in Q1-18
SAPTCO
4040
-0.86% 16.08 -0.14

Riyadh – Mubasher: Saudi Public Transport Co. (SAPTCO) on Monday said that it swung to loss during the first quarter of 2018, against posting profits in the year-ago period.

SAPTCO suffered losses of SAR 4.32 million in Q1-18, against achieving SAR 3.52 million in profits during Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the negative turn in its financials to a growth in activities’ costs and in Zakat expenses by SAR 1.8 million.

SAPTCO further noted that other revenues decreased by SAR 4.4 million, while financing income declined by SAR 1.5 million.

Sales rose 2.3% to SAR 234.2 million during Q1-18, from SAR 229 million in the same period in a year earlier.

“Total equity (excluding minority interests) for Q1-18 is SAR 1,627 million, compared with SAR 1,542 Million Q1-17, an increase of 5.5%,” the statement added.

Quarter-on-quarter, the company’s losses were decreased by 82.4% from SAR 24.56 million in Q4-17.

SAPTCO’s stock fell 3.5% to close Monday’s trading session at SAR 16.37.