Riyadh – Mubasher: Saudi Arabia-based Ash-Sharqiyah Development on Wednesday reported a 51.39% year-on-year decline in net losses in the third quarter of 2018.

Ash-Sharqiyah Development’s net losses after calculating Zakat and Tax amounted to SAR 2.27 million by the end of Q3-18, compared to SAR 4.66 million in Q3-17, according to a bourse filing.

The company attributed the fall of losses to the termination of milk production.

During the first nine months of 2018, Ash-Sharqiyah Development’s net losses after calculating Zakat and Tax decreased by 52.3% to SAR 5.78 million, from SAR 12.13 million in the same period a year earlier.

By 2:02 pm Saudi time, Ash-Sharqiyah Development’s stock fell 1.32%, reaching SAR 45.