Maaden posts 48% drop in quarterly profit

April 16, 2014 12:22 am

Saudi Arabian Mining Co (Maaden) has reported a 48% decline in first-quarter net profit, blaming falling metal prices for the drop, Reuters has reported. Maaden said it made a profit of SR125.2m ($33.4m) in the three months to March 31, down from SR239.2m in the corresponding period of 2013. The profit slump was due to declines in some metal and commodity prices such as gold, aluminium and ammonia, Maaden said.