Riyadh – Mubasher: Saudi Airlines Catering Co. on Wednesday has reported a slight year-on-year decrease of 0.91% in the first quarter of 2018.

The firm’s profits amounted to SAR 120.3 million during the three-month period ended March 2018, compared to SAR 121.4 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed company attributed the decline in its first-quarter net profits to a drop in retail sector sales, coupled with losses from a subsidiary.

Total sales inched down 0.5% to SAR 531.1 million in Q1-18, from SAR 533.9 million in the same three months during 2017.

Quarter-on-quarter, profits jumped 21.6% from SAR 98.9 million.

Saudi Airlines Catering’s stock rose 0.34% to close Wednesday at SAR 87.30.