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Saudi Fisheries Q1 loss widens 8.8% YOY

Saudi Fisheries Co. said its first-quarter normalized net income came to a loss of 30 halalas per share, compared with a loss of 27 halalas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 5.9 million riyals, compared with a loss of 5.5 million riyals in the prior-year period.

The normalized profit margin fell to negative 24.3% from negative 24.0% in the year-earlier period.

Total revenue increased 7.5% year over year to 24.4 million riyals from 22.7 million riyals, and total operating expenses climbed 6.8% year over year to 33.5 million riyals from 31.3 million riyals.

Reported net income totaled a loss of 11.0 million riyals, or a loss of 55 halalas per share, compared to a loss of 10.3 million riyals, or a loss of 52 halalas per share, in the prior-year period.

As of April 29, US$1 was equivalent to 3.75 Saudi Arabian riyals.