Mubasher: The Bahrain-based Ithmaar Holding has incurred net losses attributable to the equity holders of $3.29 million during the nine months of 2020, against net profits of $12.04 million in the prior-year period.

The losses are driven by the economic impact of the coronavirus (COVID-19) pandemic, according to the company's consolidated financial results for the period ended on 30 September 2020.

The company's total income decreased to $370.32 million in the January-September period of 2020 from $382.29 million in the corresponding period of 2019.

The losses per share settled at 0.11 cents in the first nine months of 2020, versus earnings per share (EPS) of 0.41 cents in the same period of 2019.

Meanwhile, the company logged accumulated losses of $797.6 million as of 30 September 2020, representing 105% of the share capital.

It is noteworthy to mention that in the first half (H1) of 2020, the company reported net losses attributable to the equity holders of $1.29 million, against net profits of $8.37 million in the same period of 2019.