Saudi Maaden Q3 net income soars on higher prices; beats forecasts

DUBAI Wed Oct 10, 2012 9:24am EDT

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DUBAI Oct 10 (Reuters) - Saudi Arabian Mining Co (Maaden) said its third-quarter net profit soared, beating analysts forecasts, helped mainly by higher prices of its core products.

The state-controlled minerals firm made a net profit of 311 million riyals ($82.93 million) compared with 27 million riyals a year-ago, it said in a bourse statement on Wednesday.

Five analysts polled by Reuters on average expected the company to post third-quarter earnings of 241 million riyals. ($1 = 3.7502 Saudi riyals) (Reporting by Dinesh Nair, Editing by Praveen Menon)

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