Saudi Maaden swings to Q2 profit
Riyadh, July 19, 2010
State owned Saudi Arabian Mining Company (Maaden) swung to a second quarter profit but the results fell short of analysts expectations.
The company reported a net profit of 31.24 million riyals ($8.33 million) for the second quarter compared with a net loss of $1.74 million in the same period a year ago, it said in a statement to the bourse on Sunday.
Analysts surveyed by Reuters had expected on average net profit of $11.59 million.
Maaden, which plans to build the world's biggest fully integrated aluminium complex with US firm Alcoa, said profit in the first six months was driven by lower Islamic tax payments compared to a year ago.
Operating profit was $10.46 million in the three months to June, up from $7.74 million a year ago.-Reuters