Riyadh – Mubasher: Saudi-based Emaar The Economic City on Thursday has turned to profits in the first three months of 2018, against incurring losses in the year-ago period.

The firm posted SAR 3 million net profits in Q1-18, against suffering SAR 19 million net losses during the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul).

The real estate developer attributed its turn to profitability in the first three months of the year to calculating an impairment provision against capital work which was undergoing, whereas there are no impairment losses during Q1-18.

The value of revenues declined 11.8% to SAR 281 million in Q1-18, from SAR 318 million in the year-ago period.

Quarter-on-quarter, profits fell 98.3% from SAR 180 million.

The stock inched up 0.2% to close Thursday at SAR 13.04.