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Tihama Advertising & PR swings to profit in fiscal Q3

Tihama Advertising and Public Relations Co. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 1.01 Saudi Arabian riyals per share, compared with a loss of 1.86 riyals per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.6 million riyals, compared with a loss of 14.0 million riyals in the year-earlier period.

The normalized profit margin increased to 19.5% from negative 52.4% in the year-earlier period.

Total revenue climbed 45.5% year over year to 38.8 million riyals from 26.6 million riyals, and total operating expenses decreased 13.2% on an annual basis to 44.4 million riyals from 51.2 million riyals.

Reported net income came to 11.5 million riyals, or 1.54 riyals per share, compared to a loss of 24.4 million riyals, or a loss of 3.26 riyals per share, in the year-earlier period.

As of Jan. 27, US$1 was equivalent to 3.75 Saudi Arabian riyals.