It posted profits of SAR327.8m ($87.4m) (during the three month period, compared with SAR566.4m over the same timeframe in 2015.
Bahri cited a number of factors for the results, including lower spot market rates, particularly in the oil transportation sector, and an Increase in bunker costs as a result of higher oil and bunker prices during the current quarter compared to the corresponding quarter of 2015.
Market analysts had forecast a fall in profits over the last quarter of 2016, reflecting a challenging year for the tanker market. Alistithmar Capital forecast Bahri profits of SAR454.6m, while Albilad Capital forecast profits of SAR431m, both more than the company actually achieved.
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