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FINANCIAL NEWS
Saudi Tasnee Q2 profit down 2.4%
17 Jul 2012
(MENAFN) Saudi National Industrialization Company (Tasnee) stated that second-quarter net income fell 2.4 percent from the USD158.4 million recorded in 2011’s same period to USD154.65 million, according to a statement posted on the Saudi Stock Exchange (Tadawul).
Tasnee said that operating income dropped 10.8 percent to USD316.7 million, from USD355.10 million in last year’s same quarter.
Gross income during the 3-months period reached USD407.35 million, representing a decline of 17.2 percent from the USD492.13 million reported a year ago.
It is worth noting that net income in the second quarter represents a 10.6-percent rise from the USD139.8 million recorded in 2012’s first quarter.
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