Riyadh – Mubasher: Saudi Arabia-based Al Hassan Ghazi Ibrahim Shaker Company (Shaker) on Tuesday reported 8.6% year-on-year decline in its losses in the third quarter of 2018.

Shaker’s losses after calculating Zakat and Tax amounted to SAR 44.92 million during Q3-18, compared to SAR 49.17 million in Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the fall of third-quarter losses to an improvement in profit margin, along with lower administrative expenses.

Quarter-on-quarter, the Saudi firm’s losses increased by 22.6% during the three-month period ended September, from SAR 36.65 million.

During the first nine months of 2018, Shaker’s losses after calculating Zakat and Tax rose 19.9% to SAR 102.12 million, against SAR 85.16 million in the corresponding period a year earlier.

By 11:30 am Saudi time, Al Hassan Ghazi Ibrahim Shaker Company’s stock levelled down 2.17% to SAR 8.12.