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Al Tayyar Travel profit misses consensus by 33.8% in Q3

Al Tayyar Travel Group Holding Co. said its normalized net income for the third quarter came to 67 halalas per share, compared with the S&P Capital IQ consensus estimate of 1.01 riyals per share.

EPS declined 22.1% year over year from 86 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 133.7 million riyals, a decline of 22.1% from 171.6 million riyals in the year-earlier period.

The normalized profit margin increased to 25.4% from 9.0% in the year-earlier period.

Total revenue fell year over year to 1.82 billion riyals from 1.91 billion riyals, and total operating expenses declined from the prior-year period to 1.59 billion riyals from 1.63 billion riyals.

Reported net income fell 29.1% on an annual basis to 187.8 million riyals, or 94 halalas per share, from 265.1 million riyals, or 1.33 riyals per share.

As of Oct. 19, US$1 was equivalent to 3.75 Saudi Arabian riyals.