Riyadh – Mubasher: The Saudi Industrial Exports Company (SIEC) witnessed a 250.3% yearly surge in losses during the second quarter (Q2) of the year, the firm’s interim financial statements showed.
The losses rose to SAR 11.49 million in Q2-20, compared to SAR 3.28 million in Q2-19, ascribed to an increase in doubtful debts and higher general and administrative expenses, despite the hike in other income, according to a bourse disclosure on Tuesday.
Moreover, revenue for the April-June period came in at SAR 12.37 million, an increase of 108.6% from SAR 5.93 million in the year-ago period.
During the period from January to June, the losses went down by 5.1% year-on-year (YoY) to SAR 11.25 million.
Source: Mubasher
All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.
