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1212.O
1212.O
Al-Rajhi Capital has stated in a report that Astra Q1-14 financial results were lower than its estimates, with net profit declining by 7.7% y/y to SAR 63 million (vs. its estimate of SAR 78.5 million).
The company’s operating profit declined 10.5% y/y to SAR 48.3 million (vs. estimate of SAR 78 million).
Astra attributed the y/y decline in net profit to lower profitability from the steel segment and the decline in other income.
The report issuer reiterated its ‘Neutral’ recommendation on the stock, with a target price of SAR 53.2.
The company’s operating profit declined 10.5% y/y to SAR 48.3 million (vs. estimate of SAR 78 million).
Astra attributed the y/y decline in net profit to lower profitability from the steel segment and the decline in other income.
The report issuer reiterated its ‘Neutral’ recommendation on the stock, with a target price of SAR 53.2.
Source:
Mubasher
