Fawaz Alhokair quarterly net rises 7.7pc

21/10/2014 13:49 AST

Saudi Arabia retailer Fawaz Abdulaziz Alhokair Company reported a 7.7 per cent rise in second-quarter profit on Monday as sales increased and it made foreign exchange gains, but the profit missed analysts' estimates.

The company made a net profit of SR303.74 million ($81.0 million) in the three months to September 30, up from SR282.08 million in the year-earlier period, according to a bourse filing. Alhokair's financial year starts on April 1.

Analysts polled by Reuters had on average forecast the company would make a quarterly profit of SR351.7 million.

Alhokair said its quarterly profit rise was due to increasing sales; quarterly turnover rose 32 per cent to SR2.07 billion.


Reuters

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