JEDDAH: Saudi Arabia retailer Fawaz Abdulaziz Alhokair Co. reported a 7.7 percent rise in second-quarter profit as sales increased and it made foreign exchange gains, but the profit missed analysts' estimates.

The company made a net profit of SR303.74 million ($81.0 million) in the three months to Sept. 30, up from SR282.08 million in the year-earlier period, according to a bourse filing. Alhokair's financial year starts on April 1.

Analysts polled by Reuters had on average forecast the company would make a quarterly profit of SR351.7 million riyals.

Alhokair said its quarterly profit rise was due to increasing sales; quarterly turnover rose 32 percent to SR2.07 billion.