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Saudi Research & Marketing swings to loss in Q1

Saudi Research and Marketing Group said its first-quarter normalized net income amounted to a loss of 38 halalas per share, compared with 7 halalas per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 30.6 million riyals, compared with income of 5.5 million riyals in the year-earlier period.

The normalized profit margin declined to negative 8.2% from 1.4% in the year-earlier period.

Total revenue fell 16.0% year over year to 328.0 million riyals from 390.6 million riyals, and total operating expenses came to 363.6 million riyals, compared with 365.2 million riyals in the year-earlier period.

Reported net income increased year over year to 111.3 million riyals, or 1.39 riyals per share, from 20.6 million riyals, or 26 halalas per share.

As of April 26, US$1 was equivalent to 3.75 Saudi Arabian riyals.