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Saudi's Fawaz Alhokair Co quarterly net rises 7.7 pct, misses view
October 20, 2014 / 6:17 AM / 3 years ago

Saudi's Fawaz Alhokair Co quarterly net rises 7.7 pct, misses view

DUBAI, Oct 20 (Reuters) - Saudi Arabia retailer Fawaz Abdulaziz Alhokair Co reported a 7.7 percent rise in second-quarter profit on Monday as sales increased and it made foreign exchange gains, but the profit missed analysts’ estimates.

The company made a net profit of 303.74 million riyals ($81.0 million) in the three months to Sept. 30, up from 282.08 million riyals in the year-earlier period, according to a bourse filing. Alhokair’s financial year starts on April 1.

Analysts polled by Reuters had on average forecast the company would make a quarterly profit of 351.7 million riyals.

Alhokair said its quarterly profit rise was due to increasing sales; quarterly turnover rose 32 percent to 2.07 billion riyals.

$1 = 3.7512 Saudi riyals Reporting by Matt Smith; Editing by Andrew Torchia

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