Riyadh – Mubasher: Aseer Trading, Tourism and Manufacturing Company (Aseer) reported a 613% year-on-year hike in losses during the third quarter of 2019, recording SAR 32.1 million.

The company generated SAR 484.4 million in Q3-19, 0.14% lower from SAR 483.7 million in Q3-18, according to a bourse statement on Thursday.

“The increase of loss compared to the same quarter of the previous year is due to decrease in gross profit from sales, increase in loss from investments, increase in selling and distribution expenses, increase in general and administrative expenses, increase in financing charges, and increase income tax and zakat expense,” the statement highlighted.

For the first nine months of 2019, Aseer’s net losses reached SAR 8.2 million, versus profits of SAR 5.3 million in the corresponding period of FY 2018.

On a yearly basis, revenues of the Saudi-based firm advanced by 1.6% to SAR 1.37 billion during the nine-month period ended September.

By the end of September, loss per share stood at SAR 0.07, against a profit per share of SAR 0.04 in September 2018.