Riyadh – Mubasher: The board of the Saudi Public Transport Company (SAPTCO) approved using the statutory reserve worth SAR 183.47 million to offset all of the company’s accumulated losses that represent 10.74% of the capital.

The accumulated losses have reached SAR 134.23 million as per the initial consolidated financial statements for the period ending on 30 September 2020, according to a stock exchange statement on Tuesday.

Moreover, the board agreed to use the remaining amount from the statutory reserve in amortising any losses appearing during the period ending on 31 December 2020.

In the third quarter (Q3) of 2020, SAPTCO moved to net losses of SAR 121.8 million, compared to net profits of SAR 95 million in the same quarter in 2019.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.