Riyadh – Mubasher: The net losses of Saudi Public Transport Company (SAPTCO) jumped by 1,323% in the second quarter (Q2) of 2020 to stand at SAR 140.34 million from SAR 9.86 million in the same quarter in 2019.

The surge in quarterly losses is due to a sharp decline in activity revenues as a result of the precautionary measures imposed to contain the coronavirus pandemic, despite the drop in activity costs and selling and distribution expenses, according to a bourse filing on Sunday.

Meanwhile, the company’s general and administrative expenses as well as financing costs soared, whereas other income slightly fell.

Additionally, SAPTCO incurred losses from a joint venture (JV) investment and saw an increase in the Zakat and income tax.

Revenue declined by 71.4% in the April-June period in 2020, reaching SAR 122.75 million, compared to SAR 428.87 million in the prior-year period.

In the first half (H1) of 2020, the firm’s losses widened by 777.2% on a year-on-year (YoY) basis, registering SAR 180.27 million.