Riyadh – Mubasher: Saudi Airlines Catering Co. on Sunday posted an 8.17% year-on-year drop in net profits for the second quarter of 2018.

Profits amounted to SAR 120.3 million ($32.07 million) during Q2-18, down from SAR 131 million ($34.92 million) in Q2-17, according to a bourse filing.

Quarter-on-quarter, profits remained stable.

Saudi Airlines Catering attributed the decrease in profits to a drop in retail sales, whereas general and administrative expenses increased. 

Revenues levelled up 2% to SAR 562 million by the end of Q2-18, from SAR 551.1 million in the year-ago period.

As for the six-month period ended 30 June, the Tadawul-listed firm posts a 4.71% profit fall to SAR 240.5 million from SAR 252.4 million during the year-ago period.

Saudi Airlines Catering further noted that H1-18 profits were down on the back of losses incurred by a subsidiary, while retail sales decreased.

Revenues inched up 0.75% to SAR 1.093 billion from January to June, compared to SAR 1.085 billion during the corresponding period a year before.

By 10:23 am Saudi time, the stock edged down 0.11% to SAR 88.80.