(MENAFN) Saudi Savola Group reported a 15.4 percent drop in its second-quarter net profit, missing analyst forecasts as the food producer warned its third-quarter profit was likely to plunge, Arab News reported.
The company made a net profit of USD115.84 million in the three months to June 30, down from USD136.83million in the same period a year earlier, the company said in a bourse statement.
Savola also forecast its third-quarter net profit to amount to USD94.63 million, which would represent a drop of 49 percent year-on-year according to Reuters data.
The company, a producer of cooking oil, sugar and other foodstuffs, said its profit in the second quarter of 2014 had been swelled by a one-off capital gain from the sale of its Kazakhstan operations.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.