Saudi Prince Alwaleed's Kingdom Holding posts quarterly loss | Reuters
Kingdom Holding 4280.SE, 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 ACCP.PA 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.
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