Riyadh – Mubasher: Emaar The Economic City announced its initial financial results for the second quarter of 2019.

Net losses after zakat and tax hiked by 134.6% to SAR 115 million in Q2-19, from SAR 49 million in Q2-18, according to a bourse filing on Wednesday.

The company attributed the rise in losses to the launch of new operating assets post in Q2-18, having initial operating losses.

Meanwhile, revenues retreated by 13.9% year-on-year to SAR 210 million during the three-month period ended in June.

For the first half of 2019, net losses of Emaar soared by 119.5% to SAR 101 million, versus SAR 46 million in H1-18.

Total revenues rose by 5.7% to SAR 555 million during the first half of 2019, from SAR 525 million in the same period of the prior year.

Loss per share recorded SAR 0.12 by the end of June, compared to SAR 0.05 in the corresponding period last year.