Riyadh - Mubasher: Saudi Industrial Services (SISCO) has reported a decline in profits by 50.21% year-on-year for the second quarter of 2018, as shown by the company’s financial results.

Net profits amounted to SAR 12 million in Q2-18, compared to SAR 24.1 million for the same period last year.

As for the first half of the year, profits decreased by 72.73% to SAR 12.6 million, down from SAR 46.2 million in H1-18.

The company attributed the decline in profits to higher direct costs due to additional depreciation of port expansion assets that are now put in to operation, as well as higher finance charges due to increasing SAIBOR rates.