Riyadh - Mubasher: Lazurde Company for Jewelry reported a decline in profits in the first quarter of 2017 by 56.89% year-on-year, according to a bourse filing.
The company said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday that net profits totalled SAR 21.99 million in Q1-17 compared to around SAR 51 million in Q1-16.
Lazurde attributed the decrease in profits to lower operational revenues, which resulted from the drop in consumer spending across all of the market sectors.
