Riyadh – Mubasher: Saudi Arabia-based Emaar The Economic City on Thursday reported swinging to loss in the second quarter of 2018, against generating a profit in the year-ago period.

The company’s net loss amounted to SAR 45 million during Q2-18, against generating a net profit of SAR 35 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, Emaar The Economic City also turned to loss in the period between April and June, after posting SAR 3 million.

The firm attributed the second-quarter loss to a drop in profits of a joint venture (JV), a decrease in sales of industrial land, coupled with higher marketing and administrative expenses.

Revenues rose 9.4% to SAR 244 million in Q2-18, from SAR 223 million during the same period last year.

During the first six months of 2018, the Tadawul-listed company swung to loss after incurring SAR 42 million, against SAR 16 million in profits in H1-17.

Revenues fell 3.1% to SAR 525 million by the end of H1-18, compared to SAR 541 million in the same period a year earlier.

By 11:59 am Saudi time, the stock fell 2.47% to SAR 10.26.