India, May 12 -- Saudi Arabian Oil Co. or Saudi Aramco (2222) Monday announced a decline in first quarter earnings, compared to the prior year. The results reflects reduced revenue and other income related to sales as well as higher operating costs.
The quarterly earnings were $26.011 billion, down from $27.272 billion a year ago. The earnings were partially offset by higher income taxes and zakat driven by higher taxable income compared to the previous quarter.
Revenue and other income related to sales were $114.563 billion, compared to $116.759 billion in the same quarter last year. The Saudi State owned company noted that the revenue was partially offset by lower volumes sold of refined and chemical products compared to the previous qu...