RIYADH: Red Sea International Co. said its accumulated losses have dropped to zero, following an SR298 million ($80 million) capital reduction. The Saudi-listed construction firm brought down its capital to SR302 million from SR600 million, by canceling nearly 30 million shares, according to a bourse filing. The purpose of the transaction was to extinguish accumulated losses, which amounted to almost 58 percent of the capital, or SR346 million, as of June end. Most recently, Red Sea International reported that its net loss widened by 7 percent to SR67 million in its financial results for the first half of 2022.