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Saudia Dairy & Foodstuff fiscal Q3 profit falls YOY

Saudia Dairy & Foodstuff Co. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 61 halalas per share, a decline of 24.4% from 80 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 19.6 million riyals, a decrease of 24.6% from 26.1 million riyals in the prior-year period.

The normalized profit margin dropped to 4.3% from 7.3% in the year-earlier period.

Total revenue rose 24.8% year over year to 447.8 million riyals from 358.8 million riyals, and total operating expenses climbed 31.0% year over year to 416.1 million riyals from 317.5 million riyals.

Reported net income declined 21.7% year over year to 30.4 million riyals, or 94 halalas per share, from 38.8 million riyals, or 1.20 riyals per share.

As of Jan. 26, US$1 was equivalent to 3.76 Saudi Arabian riyals.