United Electronics Co. said its third-quarter normalized net income came to 12 halalas per share, compared with the S&P Capital IQ consensus estimate of 22 halalas per share.

EPS declined 37.2% year over year from 19 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.9 million riyals, a decrease of 36.9% from 7.8 million riyals in the prior-year period.

The normalized profit margin dropped to 0.6% from 1.1% in the year-earlier period.

Total revenue rose year over year to 744.3 million riyals from 719.7 million riyals, and total operating expenses rose on an annual basis to 732.4 million riyals from 707.7 million riyals.

Reported net income decreased 40.2% on an annual basis to 7.3 million riyals, or 17 halalas per share, from 12.2 million riyals, or 29 halalas per share.

As of Oct. 24, US$1 was equivalent to 3.75 Saudi Arabian riyals.