Saudi's Fawaz Alhokair Q2 net profit up 15.7 pct, misses forecasts
today Jul 21, 2014
DUBAI - Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co reported a 15.7 percent increase in second-quarter net profit on Monday, but missed analysts' estimates.
Net profit in the three months to June 30 was 191.2 million riyals ($51.0 million), compared to 165.2 million riyals in the same period a year earlier, it said in a bourse statement.
It attributed the rise to "opening new stores, adding new brands and an increase in sales in the international markets."
Six analysts polled by Reuters had forecast, on average, that Alhokair would record a net profit of 208.23 million riyals in the quarter.
$1 = 3.7503 Saudi Riyal
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