Saudi bookshop giant expects Q2 profits rise

Saudi-based bookstore and office supplies retailer Jarir Marketing Co said on Wednesday it expects its profit to rise in the second quarter from the same period in 2008 despite an expected drop in its sales.

Price cuts introduced by computer manufacturers will slash turnover generated from an increase in the number of computers sold, Jarir said in a statement on the bourse website.

Jarir made a net profit of 67.1 million riyals in ($17.89 million) the three months to June 30 2008, on sales of 617.4 million riyals. It will announce its second-quarter earnings next month.

"(The company) expects continuous growth in the sales of computer accessories, books and school supplies which enjoy higher margins than computers," it added. (Reuters)

MORE FROM ARABIANBUSINESS.COM