Minerals firm Saudi Arabian Mining Co (Maaden) reduced losses by 59 percent in the second quarter in 2009 but posted profit on operational levels as gold revenues rose, the firm said on Sunday.
Maaden posted a net loss of 7 million riyals ($1.87 million) in the three months to June 30, compared with a loss of 16 million riyals in the same period last year, Maaden said in a statement on the Saudi bourse website.
The company, a major mining player in the Middle East which floated in July 2008, attributed the loss to provisions for the Islamic tax of Zakat.
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