Riyadh – Mubasher: Arab Sea Information System Company incurred SAR 1.86 million worth of losses during the second quarter (Q2) of 2020, against profits of SAR 3 million in the year-ago period, as shown in the firm's interim financials.
The move to losses was driven by a slump in revenue by 38.58%, owing to the closure of many commercial entities and activities during April and May as part of the measures imposed to contain the coronavirus disease, according to a bourse filing on Tuesday.
Moreover, revenue costs increased by 61.15%, while revenues totalled SAR 5.3 million in the three-month period ended 30 June in 2020, compared to SAR 8.62 million in the same period in 2019.
In the first half (H1) of the year, the Tadawul-listed firm logged SAR 3.58 million in net losses, versus SAR 3.17 million in net profits in H1-19.
