Bus operator Saudi Public Transport Company (SAPTCO) narrowed its losses in the third quarter of the year, the state-owned firm said on Sunday. 

Losses during the period reached 57 million riyals ($15.19 million), down by 53 percent compared to the 121 million riyals in losses recorded in the same period last year, the company told the Saudi Stock Exchange (Tadawul). 

The decline in losses has been partly due to the reduction in “selling and distribution” costs, SAPTCO said. 

However, total sales/ revenue for July to September still tumbled 29 percent year on year to 221.6 million riyals.  

For the first nine months of the year, total sales/ revenue stood at 679 million riyals, down by 20 percent from a year earlier. Total losses for the nine-month period also fell from 302 million riyals to 152 million riyals. 

The company provides buses across the kingdom, as well as international transport services to UAE, Bahrain, Egypt, Sudan and Yemen.  

(Writing by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@refinitiv.com 

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