Riyadh – Mubasher: Arabian Centres Company (ACC) logged 46.6% lower net profits in the second quarter (Q2) of fiscal year (FY) 2020/2021 at SAR 111.1 million from SAR 208.2 million in the same period in 2019.

Quarterly revenues reached SAR 464.8 million, compared to SAR 559.1 million in the year-ago period, according to a bourse filing on Tuesday.

The Tadawul-listed firm attributed the shrinkage in profits to the fall in revenue and gross profits by 16.9% and 30.5%, respectively, coupled with the rise in advertisement and promotion expenses by SAR 5.3 million and general and administrative expenses by SAR 1 million.

Meanwhile, financing costs decreased by 10% or SAR 6.7 million and interest expense on lease liabilities grew by 38.4% or SAR 10.3 million.

 In the first half (H1) of FY20/21, the profits plunged by 39.3% yearly to SAR 264.2 million.