Riyadh – Mubasher: Jabal Omar Development Company swung to losses over the third quarter of 2019, suffering SAR 80.62 million, versus SAR 469.62 million in profits in Q3-18.

Revenues of the Saudi-based firm fell by 81.8% year-on-year to SAR 240.29 million in the three-month period ended September, according to a bourse statement on Wednesday.

The company attributed the move to losses to the decrease of revenue from sales of residential units as revenue in the previous quarter of last year included one-off bulk sale of residential units.

For the first nine months of 2019, Jabal Omar incurred SAR 49.25 million in losses, against SAR 192.3 million in profits in the same period last year.

Total revenues plunged to SAR 714.93 million by the end of September, 58.3% lower from SAR 1.71 billion in the same period the year before.

Loss per share recorded SAR 0.05 in nine months, versus a profit per share of SAR 0.21 in the corresponding period of the FY 2018.