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Aldrees Q2 net profit down 7.9%

18 Jul 2011

(MENAFN) Aldrees Petroleum and Transport Services Company (Aldrees) said that as a result of lower revenues from the hauling of barley, in the second quarter, the company’s net profit declined 7.9 percent from the same period a year ago reaching USD6.55 million, reported Arab News.

Aldrees added that although its net profit in the quarter declined from that recorded a year ago, it rose 11.8 percent from the USD5.86 million it posted in the previous quarter.

It also said that for the year’s first half, earnings per share were USD0.49, the same as in the same period in 2010.

It is worth noting that in 2011’s first half, operating profit went down 2.7 percent reaching USD13.2 million, compared with USD13.6 million for the same period a year earlier.

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