Saudi food group Savola has said it will miss its previously stated profit forecast for the first quarter.

Savola reduced its profit expectations by about 50% yesterday (18 March) in a statement on the Saudi stock exchange.

The group had previously expected a net income of SAR360m (US$96m). The revised expected net income (before capital gain) for the first quarter 2015 is SAR178m.

The group said the lowered forecast was a result of lower sales in the retail sector during January and February 2015 and negative foreign currency effects.