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Riyadh – Mubasher: Saudi Arabia-based Jabal Omar Development on Thursday posted a 143.5% year-on-year increase in net losses for the second quarter of 2018.
Jabal Omar’s net losses amounted to SAR 148.02 million ($39.46 million) during Q2-18, up from SAR 60.79 million ($16.21 million) in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, the Saudi firm's losses rose 14.5% during the period between April and June, from SAR 129.3 million.
The real estate developer attributed the large rise in second-quarter losses to an increase in administrative and general expenses.
Revenues grew 25% to SAR 250.25 million by the end of Q2-18, compared to SAR 200.19 million during the year-ago period.
During the first six months, the firm’s losses rose 3.861% to SAR 277.32 million, from SAR 7 million in H1-17.
Jabal Omar’s revenues tumbled 25% to SAR 392.38 million by the end of H1-18, compared to 523.31 million in the same six months a year earlier.
The stock inched down 0.75% to close Thursday’s trading session at SAR 39.45.