Saturday, Oct 15, 2011
BEIRUT (Zawya Dow Jones)--Saudi Arabian Amiantit Co. (2160.SA) Saturday said net profit rose 3% to 43.6 million Saudi riyals ($11.63 million) in the third quarter from SAR42.4 million in the year earlier period.
Net profit for the first nine months fell 15% to SAR116.8 million compared with SAR138 million a year earlier, said Amiantit, which is engaged in pipe manufacturing and water related projects. It added that the decline was due to a decrease in profit margins and to fierce competition, although its sales increased 11% over the same period.
Nine-month earnings per share dropped to SAR1.01 from SAR1.19 in the same period of last year, the company said in a statement posted on the Saudi bourse website.
By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
15-10-11 0731GMT
