Saudi Arabian Mining Co (Ma'aden) blamed falling metal prices after it posted a 48 percent drop in first-quarter net profit on Monday.
Ma'aden made a profit of SR125.2 million ($33.4 million) in the three months to March 31, down from SR239.2 million in the corresponding period of 2013, it said in a filing to Saudi Arabia's bourse.
This was well below the forecast of Bakheet Investment Group, who expected a net profit of SR213.1 million for the period.
The company said the profit slump was due to declines in some metal and commodity prices such as gold, aluminium and ammonia.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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