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Al Sorayai Trading & Industrial Q1 loss narrows YOY

Al Sorayai Trading & Industrial Group Co. said its first-quarter normalized net income came to a loss of 3 halalas per share, compared with a loss of 9 halalas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 598,130 riyals, compared with a loss of 2.0 million riyals in the year-earlier period.

The normalized profit margin increased to negative 0.3% from negative 1.0% in the year-earlier period.

Total revenue decreased on an annual basis to 211.0 million riyals from 214.9 million riyals, and total operating expenses declined from the prior-year period to 211.8 million riyals from 217.3 million riyals.

Reported net income totaled a loss of 2.9 million riyals, or a loss of 13 halalas per share, compared to a loss of 4.8 million riyals, or a loss of 21 halalas per share, in the prior-year period.

As of April 30, US$1 was equivalent to 3.75 Saudi Arabian riyals.