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.
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