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Saudi Fisheries Q3 loss narrows YOY

Saudi Fisheries Co. said its normalized net income for the third quarter was a loss of 26 halalas per share, compared with a loss of 48 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 9.6 million riyals in the prior-year period.

The normalized profit margin rose to negative 42.2% from negative 51.4% in the year-earlier period.

Total revenue fell 31.9% year over year to 12.7 million riyals from 18.7 million riyals, and total operating expenses decreased 36.9% year over year to 21.2 million riyals from 33.6 million riyals.

Reported net income totaled a loss of 9.5 million riyals, or a loss of 48 halalas per share, compared to a loss of 16.9 million riyals, or a loss of 84 halalas per share, in the year-earlier period.

As of Oct. 21, US$1 was equivalent to 3.75 Saudi Arabian riyals.