Riyadh – Mubasher: Red Sea International Company posted a 102% year-on-year hike in its net losses for the third quarter of 2019, recording SAR 27.9 million.

Revenues of the Saudi-based firm plunged by 18.7% to SAR 153.2 million in Q3-19, compared to SAR 188.5 million in Q3-18, according to a bourse statement on Monday.

“There was an increase in net loss attributable to shareholders of the Company from SAR 13.8 million in the third quarter last year to SAR 27.9 million in the current quarter, primarily due to decrease in gross profit by SAR 13.5 million. This decrease is mainly due to a reduction in gross profit margin from 8.4% for the third quarter last year to 1.5% in the current quarter,” the statement said.

During the period between January and September, net losses of Red Sea hiked by 88% to SAR 73.4 million, from SAR 39 million in the same period a year ago.

By the end of September, total revenues retreated by 23.29% to SAR 412.2 million, versus SAR 537.4 million in September 2018.

Loss per share increased to SAR 1.22 in nine months, compared to SAR 0.65 in the corresponding period of 2018.