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Mon 14 Apr 2014 07:45 PM

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Saudi's Ma'aden says Q1 net profit hit by falling metal prices

Saudi Arabian Mining Co posts 48% slump in first quarter net profit to just over $33m

Saudi's Ma'aden says Q1 net profit hit by falling metal prices
(Photo for illustrative purposes only)

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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