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Riyadh - Mubasher: Shaker Group reported an increase in losses during the second quarter of the year by 73.7% year-on-year.
Net losses amounted to SAR 36.6 million during Q2-18, compared with SAR 21.1 million for the same period last year.
As for the first half of the year, losses rose by nearly 59% to SAR 57.2 million, up from SAR 35.98 million in H1-17, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Thursday.
The company attributed the rise in quarterly losses to a drop in sales by 36.6%, due to strong competition, reduction in demand, and decreased spending on real estate and construction projects, as well as an increase in general and administrative expenses.