Riyadh – Mubasher: L’azurde Company for Jewelry posted a 5% decline in net profits during the second quarter of 2016 as compared the same period in 2015, and a 58% plunge compared to the previous quarter.
Earnings shrank to SAR 21.3 million ($5.68 million) in Q2-16 from SAR 22.5 million ($6 million) in Q2-15, the company said in a bourse filing to Tadawul.
During the first half of 2016, profits grew by 14% to SAR 72.6 million versus SAR 63.7 million in the same half of 2015.
The fall in L’azurde Q2 profits was due to lower consumer purchasing power this year as compared to Q2-15, the statement clarified.
