Riyadh – Mubasher: Saudi Arabia-based Ash-Sharqiyah Development on Tuesday reported a 58.73% year-on-year drop in losses during the full-year 2018.

The Saudi firm’s net losses retreated to SAR 6.71 million ($1.79 million) last year, compared to SAR 16.26 million ($4.33 million) in 2017, according to initial data published on the Saudi Stock Exchange (Tadawul).

The company attributed the decrease in net losses to halting losses resulting from the production of raw milk and selling the entire herd of cattle.

During the fourth quarter of 2018, the company’s net losses fell to about SAR 926,000 from SAR 4.13 million in the prior-year period, according to statistics conducted by Mubasher.

As for Q3-18, the company reported a 51.39% year-on-year decline in net losses, logging SAR 2.27 million, compared to SAR 4.66 million.