Riyadh – Mubasher: Tihama Advertising and Public Relations Co. on Thursday reported net losses of SAR 22.7 million ($6.05 million) in the second quarter ended 30 September 2016, down 22.5% year-on-year from SAR 29.3 million ($7.81 million).
The decline in losses is attributable to higher charges of SAR 11 million in Q2-15 in the form of rents for previous financial periods, the company said in a filing to the Saudi Stock Exchange (Tadawul).
It added that Q2-15 also saw a charge "with a provision for doubtful debts of approximately SAR 7 million", alongside other expenses incurred during that period.
As for the six-month period ended 30 September 2016, Tihama posted a net loss of SAR 32.95 million, down 19.12% from SAR 40.74 million in the year-ago period.
The advertising firm previously reported a net loss of SAR 10.2 million in the three-month period ended 30 June 2016, compared to SAR 11.455 million in the corresponding period of 2015, registering a decline of 10.92%.
Tihama's fiscal year ended on 31 March.
