Eastern Development Co. said its first-quarter normalized net income came to 68,960 riyals, compared with a loss of 957,760 riyals in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin increased to 1.3% from negative 22.5% in the year-earlier period.
Total revenue rose 26.4% year over year to 5.4 million riyals from 4.3 million riyals, and total operating expenses fell 8.1% from the prior-year period to 5.3 million riyals from 5.8 million riyals.
Reported net income came to 674,320 riyals, or 9 halalas per share, compared to a loss of 1.5 million riyals, or a loss of 20 halalas per share, in the prior-year period.
As of April 24, US$1 was equivalent to 3.75 Saudi Arabian riyals.
