Emaar Economic City reported its financial headline figures for 1Q2016. Net loss was SAR31 million (1Q2015: SAR86 million, 4Q2015: SAR158 million, both in net income), while operating loss was SAR66 million (1Q2015: SAR95 million, 4Q2015: SAR151 million, both in operating income). Gross profit was SAR52 million (-67% Y-o-Y, -71% Q-o-Q). Management attributed the weakness seen during the quarter to weaker revenue, rise in G&A expenses, mainly pertaining to new operating assets. (Tadawul)
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