Coronavirus pushes Saudi transport sector to $70.58mln quarterly loss

Coronavirus pushes Saudi transport sector to $70.58mln quarterly loss

Riyadh –The coronavirus crisis and its repercussions have led the Saudi transport sector to suffer SAR 264.7 million worth of losses during the second quarter (Q2) of 2020 amidst halt and suspension of most flights as part of the preventive measures imposed to stop the widespread of the novel disease.This is comparable to a profit of SAR 180.4 million in the year-ago quarter, according to data collected by Mubasher based on the companies' financial results disclosed to the Saudi bourse.Saudi Ground Services Company (SGS) swung to a net loss of SAR 197.87 million in the three-month period ended 30 June, compared with a net profit of SAR 123.86 million in the year-ago period.The net losses of Saudi Public Transport Company (SAPTCO) jumped by 1,323% in Q2-20 to stand at SAR