DUBAI: Saudi Arabia's Savola Group reported a 15.4 percent fall in second-quarter net profit on Tuesday, missing analyst forecasts as the food producer warned its third-quarter profit was likely to plunge.

The company made a net profit of SR434.4 million ($115.84 million) in the three months to June 30, down from SR513.3 million in the same period a year earlier, it said in a bourse statement.

Analysts polled by Reuters had forecast Savola would make a quarterly profit of SR491.5 million riyals.

Savola also forecast its third-quarter net profit would be SR355 million, which would represent a drop of 49 percent year-on-year according to Reuters data. The company, a producer of cooking oil, sugar and other foodstuffs, said its profit in the second quarter of 2014 had been swelled by a one-off capital gain from the sale of its Kazakhstan operations.