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Saudi mining firm Maaden swings to 3Q net profit

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[October 11, 2011]  RIYADH, Saudi Arabia (AP) -- The Saudi Arabian Mining Co, or Maaden, said Tuesday it shifted to a net profit in the third quarter of the year compared to the same period in 2010 on higher world gold prices and an increase in sales.

HardwareNet profits climbed to 27.4 million riyals ($7.3 million) compared to a net loss of 200,000 riyals in the corresponding three-month period in 2010, Maaden said in a statement on the Saudi stock exchange.

Its shares were down about 2 percent to 24.5 riyals, according to the Saudi exchange's Web site.

The state-run firm, which was set up in 1997, has been expanding its operations to also include phosphate and bauxite mining.

Gold prices have been climbing sharply over the past year, and closed up $35 per ounce, or at $1,669.60 an ounce in New York on Monday.

Maaden said net income also increased on a decline in Islamic taxes, or zakat.

[Associated Press]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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