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FINANCIAL NEWS
Zamil Industrial net profit down 33.2% in Q1
17 Apr 2011
(MENAFN) Zamil Industrial Investment Company (Zamil Industrial) stated that net profits for the first quarter of the current year amounted to USD9.8 million, which is 33.2 percent down from last year’s USD14.7 million, reported Arab News.
In addition, the company stated that its net profit also went down by forty percent in the first quarter compared to a quarter before when profits amounted to USD16.4 million.
As for gross profit, the company stated that it hit 58.9 million in the first quarter, compared to USD59.1 million in the same quarter of the previous year.
The company added that operating profits for the same quarter went down by 22.7 percent, quarter on quarter, and amounted to USD15.9 million.
The company cited the drop in profits to the increase in competition which put more pressure on prices.
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