Saudi Fisheries Co. said its first-quarter normalized net income amounted to a loss of 25 halalas per share, compared with a loss of 30 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 5.1 million riyals, compared with a loss of 5.9 million riyals in the year-earlier period.

The normalized profit margin dropped to negative 27.5% from negative 24.3% in the year-earlier period.

Total revenue decreased 20.3% year over year to 19.5 million riyals from 24.4 million riyals, and total operating expenses declined 18.0% on an annual basis to 27.4 million riyals from 33.5 million riyals.

Reported net income totaled a loss of 9.6 million riyals, or a loss of 48 halalas per share, compared to a loss of 11.0 million riyals, or a loss of 55 halalas per share, in the year-earlier period.

As of April 27, US$1 was equivalent to 3.75 Saudi Arabian riyals.