Riyadh – Mubasher: Red Sea International Company reported a 16.88% year-on-year loss increase during the first three months of the year 2019.

The company’s net loss went up to SAR 18 million in Q1-19 versus SAR 15.4 million in the year-ago period, according to a bourse statement released on Thursday.

The Tadawul-listed company ascribed the growth of its loss to a SAR 6.7 million decline in total profit.

In March, Red Sea International reported a 30% year-on-year loss increase in 2018, recording SAR 90.7 million.