DUBAI- Kingdom Holding, a company controlled by Saudi Arabia's prince Alwaleed bin Talal, suffered a quarterly loss, compared to a net profit a year earlier, as earnings from its hotel business dipped due to the coronavirus outbreak.
Kingdom, which owns a stake in Accor and has investments in hotels run by Four Seasons Hotels and Resorts, posted a net loss of 193 million riyals ($52 million) in the quarter that ended Sept. 30, compared to a net profit of 86.8 million riyals a year earlier.
Analysts say lockdowns worldwide and the reluctance of people to travel have cut tourist numbers in the group's hotels, hitting revenues hard.
Kingdom also cited a fall in earnings from equity-accounted investments and a decrease in hotels and other operating revenue.
Prince Alwaleed, the kingdom's most recognised business figure, was freed in early 2018 after being held at Riyadh's Ritz-Carlton Hotel with scores of royals, senior officials and businessmen, most of whom reached financial settlements with the authorities.
In an interview with Fox News Channel in late 2018, Prince Alwaleed said his detention was "forgiven and forgotten."
($1 = 3.7504 riyals)
(Reporting by Saeed Azhar; Editing by Edmund Blair) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: email@example.com))