Riyadh – Mubasher: L'azurde Company for Jewelry reported SAR 1.6 million net losses in the first quarter (Q1) of 2020, against net profits of SAR 12 million in the corresponding period in 2019.

Revenues went down by 5.9% year-on-year (YoY) to stand at SAR 633.7 million by the end of March 2020 from SAR 673.5 million, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

It is worth noting that L'azurde does not consider gold metal value as real revenue as the group says it does not make profits or losses from sales of gold as a metal.

Operating revenues for Q1-20 amounted to SAR 114.3 million, which represents the real revenues of the group after excluding gold metal value, down by 25.3% YoY.

In Egypt, retail revenues increased by 9.7%, mainly owing to the successful opening of five new outlets selling Miss L’ brand products, while in KSA, retail revenues fell by 31.6%, largely due to complete closure of malls since mid-March 2020

“The impact on Q1-2020 retail revenues was material as March is a key consumption period in KSA, as well as Egypt,” the statement read.

Wholesale channel performance was severely impacted by the coronavirus (COVID-19) measures.