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L'azurde for Jewelry Q3 profit falls YOY

L'azurde Co. for Jewelry said its normalized net income for the third quarter was 1 halalas per share, a decrease of 97.5% from 42 halalas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 443,200 riyals, a decline of 97.5% from 18.0 million riyals in the year-earlier period.

The normalized profit margin climbed to 4.5% from 2.7% in the year-earlier period.

Total revenue fell 39.5% on an annual basis to 406.3 million riyals from 671.1 million riyals, and total operating expenses declined 38.0% on an annual basis to 395.3 million riyals from 637.7 million riyals.

Reported net income fell 98.6% on an annual basis to 337,520 riyals, or 1 halalas per share, from 25.0 million riyals, or 58 halalas per share.

As of Oct. 21, US$1 was equivalent to 3.75 Saudi Arabian riyals.