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Tourism Enterprises Q3 profit falls YOY

Tourism Enterprises Co. said its third-quarter normalized net income amounted to 5 halalas per share, a decrease of 69.9% from 15 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 429,770 riyals, a decline of 71.4% from 1.5 million riyals in the year-earlier period.

The normalized profit margin declined to 7.6% from 21.4% in the year-earlier period.

Total revenue declined 15.8% on an annual basis to 5.9 million riyals from 7.0 million riyals, and total operating expenses grew 13.1% year over year to 5.2 million riyals from 4.6 million riyals.

Reported net income decreased 78.4% year over year to 472,630 riyals, or 5 halalas per share, from 2.2 million riyals, or 22 halalas per share.

As of Oct. 26, US$1 was equivalent to 3.75 Saudi Arabian riyals.