Saudi Amiantit posts 41% drop in Q3 net profit

17 October 2010

Saudi Arabian Amiantit has announced that its third-quarter net profit plummeted 41% to SR42.4m ($11.3m), from SAR72.4 million a year earlier, due to a 5% decline in sales over the same period. Net profit for the first nine months of 2010 dropped 14% year-on-year to SR138m from SR160.9m, the pipe manufacturer said in a statement posted on the Saudi bourse website.

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