United Electronics Co. said its first-quarter normalized net income was 25 halalas per share, compared with the S&P Capital IQ consensus estimate of 71 halalas per share.
EPS declined 45.0% year over year from 45 halalas.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 10.3 million riyals, a decrease of 45.0% from 18.8 million riyals in the prior-year period.
The normalized profit margin declined to 1.2% from 2.3% in the year-earlier period.
Total revenue grew 8.0% year over year to 871.8 million riyals from 807.3 million riyals, and total operating expenses rose 10.0% on an annual basis to 854.3 million riyals from 776.7 million riyals.
Reported net income declined 45.0% on an annual basis to 16.1 million riyals, or 38 halalas per share, from 29.2 million riyals, or 70 halalas per share.
As of April 22, US$1 was equivalent to 3.75 Saudi Arabian riyals.
