Emaar the Economic City narrows losses to $46mln on lower impairment 

Decrease also due to lower general, administration marketing and employee costs 

  
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

Saudi Arabia-based Emaar the Economic City, an affiliate of Dubai developer Emaar Properties, narrowed its net loss to 173 million riyals ($46 million) in the third quarter of 2021 from 187 million riyals a year earlier. 

The decrease was attributed to declines in general and administration marketing costs, employee costs and impairment loss on receivable balances. 

The company also received an increase of 2.4 million riyals in the share of the results of investee, Port Development Company, it said in a statement to the Saudi Stock Exchange (Tadawul). 

The real estate consortium reported sales/revenue of 86 million riyals for the third quarter of 2021, compared with 133 million riyals for the same period in 2020. 

Net loss for the first nine months of 2021 stood at 545 million riyals, compared with 674 million riyals for the same period in 2020. 

Sales/revenue in the first nine months of 2021 reached 258 million riyals, down from the 481 million riyals recorded in the same period in 2020. 

(Writing by Imogen Lillywhite; editing by Cleofe Maceda) 

Imogen.Lillywhite@refinitiv.com 

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© ZAWYA 2021

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