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eXtra earnings drop 78% in Q2

eXtra earnings drop 78% in Q2
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0.53% 95.60 0.50

Riyadh-Mubasher: United Electronics Co. (eXtra) made net earnings of SAR 11.83 million during the second quarter of 2015, falling 78% compared with SAR 53.8 million in the year-ago period.

Net income for the six-month period ended 30 June declined 66.39% year-on-year from SAR 83 million to SAR 27.9 million.

The profit decline was due to lower margin sales of the remaining mega sales' inventory, in addition to applying energy efficiency rating system resulted in low margin from selling on hand inventory for electrical appliances and the lack of all alternative items, the company said.