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Saudi's Mouwasat Q3 net profit slumps 40.3 pct, trailing forecasts
October 20, 2015 / 5:18 AM / 2 years ago

Saudi's Mouwasat Q3 net profit slumps 40.3 pct, trailing forecasts

DUBAI, Oct 20 (Reuters) - Mouwasat Medical Services Co , one of Saudi Arabia’s largest listed healthcare providers, reported a 40.3 percent drop in third-quarter net profit on Tuesday, missing analyst forecasts.

The company’s net profit in the three months to Sept. 30 was 43 million riyals ($11.5 million), down from 72 million riyals in the same period a year earlier, it said in a statement to the stock exchange.

Three analysts polled by Reuters had on average forecast Mouwasat would make a quarterly profit of 64.2 million riyals.

It attributed the fall in net profit to an operational loss of 5 million riyals from a new hospital in Riyadh. A one-off gain from a land sale also led to higher profits in the same period last year, it said.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later. ($1 = 3.7467 riyals) (Reporting by Nadia Saleem; Editing by Biju Dwarakanath)

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