Riyadh – Mubasher: Saudi Fisheries (Alasmak) posted a 54.33% year-on-year jump in its losses for the first quarter of 2019.

Net losses after zakat and tax amounted to SAR 9.24 million in Q1-19, compared to SAR 5.99 million in Q1-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) late on Sunday.

Total revenues of the company levelled down 27.98% to SAR 5.3 million during the first three months of 2019, against SAR 7.3 million in the same period of the previous year.

Losses per share (LPS) recorded SAR 0.91 in Q1-19, from SAR 0.59 in the corresponding period a year earlier.

The increase in first-quarter losses was attributed to the drop in sales, combined with higher financing expenses.

Accumulated losses of the Saudi-based company reached SAR 25.32 million.

In 2018, Alasmak reported an 8.2% year-on-year decline in net losses, recording SAR 37.25 million.