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United Electronics profit misses consensus by 89.3% in Q2

United Electronics Co. said its second-quarter normalized net income amounted to 16 halalas per share, compared with the S&P Capital IQ consensus estimate of 1.47 riyals per share.

EPS decreased 80.8% year over year from 82 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 6.6 million riyals, a decline of 80.9% from 34.3 million riyals in the prior-year period.

The normalized profit margin dropped to 0.7% from 3.5% in the year-earlier period.

Total revenue decreased 10.6% year over year to 879.6 million riyals from 984.3 million riyals, and total operating expenses declined 6.7% from the prior-year period to 866.4 million riyals from 928.1 million riyals.

Reported net income decreased 78.0% year over year to 11.8 million riyals, or 28 halalas per share, from 53.8 million riyals, or 1.28 riyals per share.

As of July 30, US$1 was equivalent to 3.75 Saudi Arabian riyals.