Riyadh – Mubasher: Tihama Advertising and Public Relations Company’s net losses widened by 8.4% year-on-year (YoY) in the third quarter (Q3) of fiscal year (FY) 2020/2021 to SAR 16.8 million.

The higher quarterly losses are attributed to a drop in the retail and bookstores sector's gross margin by around SAR 2.2 million, according to a bourse disclosure on Thursday.

In addition, gross profit of the production and advertising sector fell by about SAR 1 million and the company's share of profits from associates slid by nearly SAR 2.5 million, whereas general and selling expenses hiked by around SAR 2.7 million.

On the other hand, gross profit from the distribution sector grew by SAR 1.3 million and other income increased by nearly SAR 4.3 million.

Revenue for the three-month period ended on 31 December 2020 tumbled by 28.9% on a yearly basis to SAR 12.3 million from SAR 17.3 million.

In the first nine months of FY20/21, the company’s losses surged by 167.1% YoY to stand at SAR 37.4 million.