Riyadh – Mubasher: Lazurde Company for Jewelry on Wednesday said it turned to profits in the second quarter of 2017, against losses in the year-ago period.
Profits reached SAR 6.4 million in Q2-17, against losses of SAR 7.04 million in Q2-16, according to a bourse filing.
Quarter-on-quarter, profits dropped 70.8%.
Operating revenues retreated 23% to reach SAR 82.2 million in Q2-17, compared to SAR 106.8 million in the corresponding period in the year before.
The Saudi jewellery firm attributed these results to the devaluation of the Egyptian pound, the decline in export business, and the overall lower consumer spending across all markets.
In the first half of 2017, profits went down 35.4% to SAR 28.4 million, from SAR 43.97 million in H1-16.
The stock levelled up 1.11%, closing at SAR 22.78 on Wednesday.
