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Eastern Development swings to loss in Q2

Eastern Development Co. said its second-quarter normalized net income was a loss of 3 halalas per share, compared with 7 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 a loss of 255,170 riyals, compared with income of 506,660 riyals in the year-earlier period.

The normalized profit margin declined to negative 50.6% from 8.4% in the year-earlier period.

Total revenue decreased 44.9% year over year to 3.3 million riyals from 6.1 million riyals, and total operating expenses decreased 24.9% year over year to 4.2 million riyals from 5.5 million riyals.

Reported net income totaled a loss of 370,040 riyals, or a loss of 5 halalas per share, compared to income of 7.0 million riyals, or 93 halalas per share, in the prior-year period.

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