Riyadh – Mubasher: Emaar The Economic City disclosed a 34.6% year-on-year increase in its losses for the third quarter of 2019, recording SAR 202 million.

Revenues of the Saudi firm hiked by 45.5% to SAR 163 million in Q3-19, compared to SAR 112 million in Q3-18, according to a bourse statement.

The company attributed the increase in losses to the rise the financial charges as a result of the increase in loan balances and lower capitalization of borrowing costs due to slow down in development activity.

On a yearly basis, losses surged by 54.5% to SAR 303 million during the nine-month period ended September.

By the end of September, total revenues recorded SAR 719 million, 12.8% higher than SAR 637 million in the same period last year.