Riyadh – Mubasher: The Saudi Public Transport Company (SAPTCO) moved to net losses of SAR 121.8 million in the third quarter (Q3) of 2020, compared to net profits of SAR 95 million in the same quarter in 2019.

The turn to losses was ascribed to a drop in revenue from the company’s main activities as a result of the precautions imposed to curb the coronavirus pandemic. This came despite the decrease in selling, distribution, and administrative expenses, according to a bourse filing on Sunday. 

Meanwhile, the company incurred minor losses in an associate company and suffered losses in a joint venture investment as its business was affected by the COVID-19 pandemic as well. 

Revenue for the quarter ended on 30 September plunged by 35.3% to SAR 313.93 million, compared with SAR 485.3 million in the year-ago period.

During the period from January to September, the Tadawul-listed firm reported net losses of SAR 302 million, against net profits of SAR 74.5 million last year.