Riyadh – Mubasher: Saudi Arabia-based Ash Sharqiyah Development on Wednesday reported a 48.3% year-on-year drop in its losses during the first quarter of 2018.

Ash Sharqiyah Development’s net loss declined to SAR 1.86 million in the three-month period ended March 2018, from SAR 3.6 million during Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the decrease in losses to a drop in operating costs, in addition to a decline in selling and distributing costs.

Earnings per share (EPS) fell to SAR 0.25 during Q1-18, compared to SAR 0.48 in the year-ago period.

Quarter-on-quarter, the company’s losses fell 54.9% from SAR 4.13 million in the comparative period of 2017.

By 11:42 am Saudi time, Ash Sharqiyah Development’s stock dropped 0.89%, reaching SAR 53.50.