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Saudi Fisheries Q2 loss narrows YOY

Saudi Fisheries Co. said its normalized net income for the second quarter was a loss of 25 halalas per share, compared with a loss of 26 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 4.8 million riyals, compared with a loss of 5.2 million riyals in the year-earlier period.

The normalized profit margin fell to negative 30.2% from negative 24.8% in the year-earlier period.

Total revenue declined 19.6% on an annual basis to 16.9 million riyals from 21.0 million riyals, and total operating expenses decreased 15.2% from the prior-year period to 24.6 million riyals from 29.0 million riyals.

Reported net income totaled a loss of 9.2 million riyals, or a loss of 48 halalas per share, compared to a loss of 9.8 million riyals, or a loss of 48 halalas per share, in the year-earlier period.

As of Aug. 2, US$1 was equivalent to 3.75 Saudi Arabian riyals.