Riyadh – Mubasher: Saudi Industrial Development Company (SIDC) on Wednesday announced turning to losses in the second quarter of 2017, compared to Q2-16 and Q1-17, according to a bourse filing.

The Saudi-listed company’s losses amounted to SAR 10.3 million in Q2-17, versus net profits of SAR 8.1 million in Q2-16.

The firm attributed the losses in Q2-17 to net operating losses due to higher production costs, lower sales, as well as the drop in non-operating income, SIDC said in a filing to the Saudi Stock Exchange (Tadawul).

In the first six months of 2017, losses went up to SAR 9.5 million from SAR 500,000 in the corresponding period of the year before.

The financial statements of the firm had previously shown that net profits reached SAR 800,000 in Q1-17 against net losses of SAR 8.6 million in Q1-16.

SIDC’s stock closed Tuesday’s trading session at SAR 11.04, shedding 3.07%.