L’azurde plans to restructure gold wholesale in Q4 2019

L’azurde Company for Jewelry said that it will restructure gold wholesale during the fourth quarter 2019, through slashing costs and operating capital.

The company added during the third quarter’s financial results earnings call with analysts and investors, that it will provide all resources to efficiently support the development of its commercial and electronic business related to “Miss L” and “Tous” brands.

The firm also noted that if it manages to transfer 10% of its current sales volumes to “Miss L” brand, it will be able to boost profit margins and net income by SAR 50 million and SAR 40 million, respectively.

Earlier, the company posted 94% profit decrease to 240,000 riyals in Q3 2019, compared to SAR 3.7 million in Q3 2018.