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Eastern Development swings to loss in Q3

Eastern Development Co. said its third-quarter normalized net income came to a loss of 16 halalas per share, compared with 5 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 1.2 million riyals, compared with income of 376,110 riyals in the prior-year period.

The normalized profit margin fell to negative 64.9% from 6.1% in the year-earlier period.

Total revenue fell 54.2% year over year to 2.8 million riyals from 6.1 million riyals, and total operating expenses fell 14.9% on an annual basis to 4.8 million riyals from 5.6 million riyals.

Reported net income came to a loss of 5.5 million riyals, or a loss of 73 halalas per share, compared to income of 561,770 riyals, or 7 halalas per share, in the prior-year period.

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