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Wafrah for Industry & Development swings to loss in Q1

Wafrah for Industry & Development Co. said its first-quarter normalized net income amounted to a loss of 11 halalas per share, compared with 5 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 2.1 million riyals, compared with income of 1.0 million riyals in the year-earlier period.

The normalized profit margin dropped to negative 14.1% from 4.6% in the year-earlier period.

Total revenue declined 31.8% on an annual basis to 15.1 million riyals from 22.1 million riyals, and total operating expenses decreased 9.9% from the prior-year period to 18.5 million riyals from 20.5 million riyals.

Reported net income totaled a loss of 3.7 million riyals, or a loss of 19 halalas per share, compared to income of 1.1 million riyals, or 5 halalas per share, in the year-earlier period.

As of April 20, US$1 was equivalent to 3.75 Saudi Arabian riyals.