Riyadh – Mubasher: L’azurde Company for Jewelry’s net profits dropped 98% year-on-year to SAR 338,000 in the third quarter of 2016 from SAR 24.98 million.
Operating revenues declined 43.4% to SAR 73.9 million in Q3-16 from SAR 130.5 million in Q3-15, according to a bourse filing on Wednesday.
Finance charges were lower by 10.4% in Q3, due to lower gold loans borrowing and despite a slight increase in borrowing rates, while Zakat and income tax expenses were lower by SAR 3.5 million due to lower net income.
“In Saudi Arabia, demand was impacted by a drop in consumer spending influenced by a slowing economy, shrinking government spend and introduction of austerity measures by the government and private sectors,” the statement said.
Revenues also fell 18.6% to SAR 359.1 million for the first nine months of 2016 from SAR 441.2 million in the same period of the previous year.
Net Income went down 17.8% to SAR 73 million for the period compared to SAR 88.7 million in the year-ago period.
