Riyadh – Mubasher: Al Hassan Ghazi Ibrahim Shaker Co turned to losses in the second quarter of 2017.
The company’s losses stood at SAR 21.09 million in Q2-17, against profits of SAR 47 million in Q2-16, according to a bourse filing.
Quarter-on-quarter, the firm lost SAR 14.9 million.
The company attributed turning to losses to a decrease in sales by 37% after demand dropped during Ramadan and the Eid Al Fitr vacation had a negative impact on sales.
Al-Hassan Ghazi Ibrahim Shaker Co’s losses reached SAR 35.98 million in the first six months of 2017, against net profits of SAR 74.99 million in H1-16.
Shaker’s stock tumbled 0.58% to SAR 13.7 on Monday.
