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Eastern Development swings to loss in Q1

Eastern Development Co. said its first-quarter normalized net income amounted to a loss of 2.1 million riyals, compared with income of 68,960 riyals in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 244.4% from 1.3% in the year-earlier period.

Total revenue declined 56.4% on an annual basis to 2.3 million riyals from 5.4 million riyals, and total operating expenses grew 8.8% year over year to 5.8 million riyals from 5.3 million riyals.

Reported net income came to a loss of 3.4 million riyals, or a loss of 45 halalas per share, compared to income of 674,320 riyals, or 9 halalas per share, in the prior-year period.

As of May 3, US$1 was equivalent to 3.75 Saudi Arabian riyals.