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FINANCIAL NEWS
Saudi SAPTCO’s Q1 income grows to USD1.79m
16 Apr 2012
(MENAFN) Saudi Public Transport Co. (SAPTCO) said that net income during the first quarter reached USD1.79 million, compared with a net loss of USD8.28 million in 2011’s same period, reported Arab News.
The company added that losses from operations plunged 80 percent from the USD9.52 million loss recorded in the same period a year earlier to USD1.88 million.
It also said that gross profit reached USD2.70 million, up from a loss of USD4.87 million.
It is worth noting that SAPTCO’s net income in the first quarter fell 86.6 percent from 2011’s fourth-quarter income of USD13.36 million.
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