Sunday 25 January 2009

Kingdom Holding issues earnings upgrade

Kingdom Holding Co, the media to banking conglomerate owned by Saudi billionaire Prince Alwaleed bin Talal, said on Saturday that it had revised its fourth-quarter earnings to show an overall profit of 276 million riyals compared to 76 million riyals earlier.

The company's fourth-quarter net loss of around $8.3 billion was not affected by the revisions.

Overall profit refers to net sales minus the cost of sales, according to Saudi reporting rules posted on the stock exchange's website.

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