Riyadh – Mubasher: Tihama Advertising and Public Relations Company turned to losses of SAR 10.9 million in the first quarter (Q1) of 2020, versus net profits of SAR 1.4 million in the corresponding quarter in 2019.

The move to losses resulted mainly from the slump in gross profit by SAR 6.9 million and other income by SAR 6.6 million, according to a bourse statement on Tuesday. 

Helping partially offset these losses was the drop in selling and general expenses by SAR 200,000 despite the rise in operating costs on the acquisition of a subsidiary and the expansion in the retail and stationery sector operations by SAR 2.9 million. The company's share of profits from associates rose by SAR 1.6 million.

Revenues retreated by 35.57% in Q1 of the year, reaching SAR 9.6 million from SAR 14.9 million in Q1-19.