DUBAI, Jan 20 (Reuters) - Saudi Arabia's Al Tayyar Travel Group
The company made a net profit of 215 million riyals ($57.3 million) in the three months to Dec. 31, down from 231 million riyals in the prior-year period, according to a bourse filing.
Analysts at Aljazira Capital and Osool & Bakheet Investment Co expected the company to make a quarterly profit of 286.3 million riyals and 296.4 million riyals respectively.
Al Tayyar, whose founder Nasser bin Aqeel al-Tayyar stepped down as vice chairman and managing director on Sept. 1, blamed the profit fall on a 27 percent rise in general and administrative expenses and selling and marketing expenses from the opening of 30 new branches during the quarter, as well as rises in medical insurance rental expenses and an increase in impairment losses.
($1 = 3.7493 riyals)
(Reporting By Tom Arnold; editing by Hadeel Al Sayegh) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
Keywords: AL TAYYAR RESULTS/
The company made a net profit of 215 million riyals ($57.3 million) in the three months to Dec. 31, down from 231 million riyals in the prior-year period, according to a bourse filing.
Analysts at Aljazira Capital and Osool & Bakheet Investment Co expected the company to make a quarterly profit of 286.3 million riyals and 296.4 million riyals respectively.
Al Tayyar, whose founder Nasser bin Aqeel al-Tayyar stepped down as vice chairman and managing director on Sept. 1, blamed the profit fall on a 27 percent rise in general and administrative expenses and selling and marketing expenses from the opening of 30 new branches during the quarter, as well as rises in medical insurance rental expenses and an increase in impairment losses.
($1 = 3.7493 riyals)
(Reporting By Tom Arnold; editing by Hadeel Al Sayegh) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
Keywords: AL TAYYAR RESULTS/
