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Eastern Development swings to profit in Q4

Eastern Development Co. said its normalized net income for the fourth quarter came to 5 halalas per share, compared with a loss of 3 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 372,040 riyals, compared with a loss of 196,000 riyals in the year-earlier period.

The normalized profit margin increased to 6.5% from negative 2.9% in the year-earlier period.

Total revenue decreased 16.3% on an annual basis to 5.7 million riyals from 6.8 million riyals, and total operating expenses decreased 28.0% on an annual basis to 5.2 million riyals from 7.2 million riyals.

Reported net income rose on an annual basis to 707,450 riyals, or 9 halalas per share, from 214,930 riyals, or 3 halalas per share.

For the year, the company's normalized net income totaled 18 halalas per share, compared with a loss of 27 halalas per share in the prior year.

Normalized net income was 1.3 million riyals, compared with a loss of 2.0 million riyals in the prior year.

Full-year total revenue rose 19.9% from the prior-year period to 23.3 million riyals from 19.4 million riyals, and total operating expenses decreased 8.8% year over year to 21.6 million riyals from 23.7 million riyals.

The company said reported net income totaled 8.9 million riyals, or 1.19 riyals per share, in the full year, compared with a loss of 2.5 million riyals, or a loss of 33 halalas per share, the prior year.

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