Losses deepen in Q3 for Saudi pilgrimage sites developer | Reuters
Third-quarter losses widened on the year for Jabal Omar Development Company (4250.SE), one of Saudi Arabia's largest listed property developers, as the pandemic impact lingered while it looks to restructure over $4 billion in liabilities.
The firm, which runs the Jabal Omar complex of hotels and property within walking distance of the Grand Mosque in the Muslim holy city of Mecca, was hit hard when the coronavirus outbreak reduced pilgrimages.
The firm reported a third-quarter net loss of 270 million riyals ($71.99 million), versus a loss of a 237 million a year earlier, it said in a statement on Thursday.
It attributed the result to taxation and an increase in expenses after the expiry of pandemic-related waivers on some financial charges.
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