Riyadh-Mubasher: United Electronics Co.’s (eXtra) net profits declined 40.16% year-on-year to SAR 7.3 million in the third quarter of 2016 from SAR 12.2 million.

The decrease in net profit was due to impact of non-recurring SAR 5.2 million for consultant of process of acquisitions that company decided to end the LOI as published on Tadawul on 31 July, according to a bourse filing.

Higher sales which led to higher gross profit and lower administrative expenses contributed to the lower profits.

The Saudi-listed company achieved net losses of SAR 25.4 million in the first nine months of 2016 against net profits of SAR 40.1 million in the year-ago period.