Riyadh – Mubasher: Saudi Arabia-based Al Tayyar Travel Group on Wednesday reported turning to loss during the third quarter of 2018, against generating profits in the same period last year.
Al Tayyar Travel’s net losses after calculating Zakat and Tax amounted to SAR 355 million ($94.64 million) from July to September, against a net profit of SAR 132 million ($35.19 million) during the same period of 2017, according to a bourse statement.
Revenues inched up 0.61% to SAR 492 million in Q3-18, from SAR 489 million in the corresponding quarter a year earlier.
Year-on-year, operational profits plunged 31% to SAR 123 million in the three-month period ended September, from SAR 178 million.
During the first nine months of 2018, the Tadawul-listed firm suffered a loss of SAR 163 million, against a net profit of SAR 480 million in the year-ago period.
The travel services provider attributed the nine-month loss to a 14% growth in administrative and general expenses, along with more competitive prices for some services.
Sales decreased 1.6% to SAR 1.50 billion from January to September, compared to SAR 1.52 billion in the same period last year.
Year-on-year, operational profits levelled down 20.6% to SAR 477 million in the January-September period of 2018, versus SAR 601 million.
By 10:53 am Saudi time, Al Tayyar Travel Group’s stock fell 2.62% to SAR 20.78.