L'azurde Co. for Jewelry said its normalized net income for the second quarter amounted to 33 halalas per share, a decrease of 12.7% from 38 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 14.3 million riyals, a decline of 12.7% from 16.4 million riyals in the prior-year period.

The normalized profit margin declined to negative 0.6% from 2.1% in the year-earlier period.

Total revenue fell 27.8% year over year to 552.2 million riyals from 764.5 million riyals, and total operating expenses declined 28.8% year over year to 519.0 million riyals from 729.0 million riyals.

Reported net income decreased 5.1% on an annual basis to 21.4 million riyals, or 50 halalas per share, from 22.5 million riyals, or 52 halalas per share.

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