Saudi Arabian Mining Company (Ma'aden) reported a 68 per cent drop in second quarter net profit on Wednesday, citing an ammonia plant shutdown and lower gold prices for the decline.

The company's net profit for the three months to June 30 was 40.98 million riyals ($10.93 million), compared with 128.26 million riyals in the corresponding period of 2012, it said in a bourse filing.

Analysts polled by Reuters on average forecast Ma'aden would make a quarterly net profit of 176.7 million riyals. - Reuters