Riyadh – Mubasher: The Saudi gold and jewelry designer, manufacturer, and distributor, L'azurde on Thursday stated that its net profits plunged 98.25% in the third quarter of 2017, compared to the year-ago period.

Net profits slumped to SAR 502,000 in Q3-17, from SAR 28.75 million in Q3-16, according to a bourse statement.

Quarter-on-quarter, profits slid 92.19%.

Saudi Arabia-based gold and jewelry designer attributed the decrease in its year-on-year net profits to the drop in gold wholesale in Egypt by 20.4%, and a rise in its operating costs by 8%.

At the level of the first nine months of 2017, net profits tumbled 60.24% to reach SAR 28.9 million, compared to SAR 72.7 million in the same period in 2016.

By 1:00 pm KSA time, the stock lost 1.46% to reach SAR 18.90.