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FINANCIAL NEWS
Saudi MAADEN reports 3% fall in Q1 income
13 Apr 2013
(MENAFN) The Saudi Arabian Mining Company (MAADEN) announced that during the first quarter, its net income attributed to the shareholders of the parent firm fell by 3 percent to USD63.72 million from USD65.58 million a year before, according to a statement on the Saudi bourse (Tadawul).
The company attributed the decline to a drop in net income of gold division as a result of lower volume of gold ounces sold.
It added that operating profit rose by 9 percent to USD97.31 million, from USD89.58 million.
MAADEN’s quarterly gross profit jumped by 11 percent, reaching USD145 million, compared with USD131.17 million in 2012’s same period.
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