The Saudi Public Transport Company (SAPTCO) incurred losses of 121.7 million riyals in the third quarter of 2020, compared to profits of 95 million riyals in the same period last year. < / p>
According to Arabiya Net, losses decreased by 13.2%, compared to losses incurred in the previous quarter, which were 140.3 million riyals.
During the first nine months of 2020, SAPTCO incurred losses of 302 million riyals, compared to profits of 74.4 million riyals, in the corresponding period of last year.
and on the reasons for incurring losses in the third quarter against profits in the corresponding period last year, which the company attributed to the decline in activity revenues as a result of applying the precautionary measures issued by the official authorities to contain Corona virus. Despite the decrease in selling and distribution expenses and the decrease in administrative expenses.
also increased the cost of revenue for the subsidiary to implement the obligations of operating requirements, and incurred minor losses in an associate.
and the investment of a joint venture recorded losses as a result of the suspension of its operations due to the impact of the Coronavirus pandemic, and the value of the assets held for sale decreased.
