Riyadh – Mubasher: Ash-sharqiyah Development Company registered a net loss after Zakat and tax of SAR 313,942 during the first quarter (Q1) of 2021, lower by 38.45% than SAR 510,141 in Q1-20.

The company posted a loss per share of SAR 0.04 in Q1-21 from SAR 0.07 in Q1-20, according to the initial financial results.

On a quarterly basis, Ash-sharqiyah Development’s Q1-21 losses were 60% lower than SAR 786,110 in the fourth quarter (Q4) of 2020.

The listed firm attributed the annual decline in losses to a “decrease in depreciation expenses of some assets and equipment that the company sold during the first quarter, in addition to the decrease in financing expenses,” according to the bourse disclosure on Sunday.

Last December, the company’s board recommended a capital increase of SAR 225 million through a rights issue.