Riyadh – Mubasher: Red Sea International Company posted its interim financial results for the second quarter of 2019.

Net losses hiked by 180.6% to SAR 27.5 million in Q2-19, compared to SAR 9.8 million in Q2-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Monday.

The hike in losses was attributed to the decrease in gross profit by SAR 19.3 million.

“This decrease is mainly due to the reduction in gross profit margin from 9.6% for the second quarter last year to 0.1% in the current quarter, which has resulted from the decrease in rental and building revenues by 23.7% and 42.6% respectively,” the statement said.

Revenues of the Saudi firm declined by 34.6% year-on-year to SAR 131.5 million during the three-month period between April and June.

For the first half of 2019, net losses of Red Sea increased by 80.5% to SAR 45.5 million, from SAR 25.2 million in H1-18.

The company generated SAR 259 million in revenues during H1-19, down 25.7% from SAR 348.9 million in the same period of the prior year.

Loss per share stood at SAR 0.76 during the first six months of 2019, against SAR 0.42 in the corresponding period last year.