Alujain Corp. — Interim / Quarterly Report 2011

Jul 19, 2011

Alujain announces its Interim Consolidated Financial Results for the period ending 30th June, 2011 (Six Months)

2170 · 19/07/2011 16:39:58 · Announcement #22372 · View on Saudi Exchange

Alujain announces its Interim Consolidated Financial Results for the period ending 30th June, 2011 (Six Months)

Alujain announces its interim consolidated financial results for the period ending 30th June, 2011

1. Net loss during the 2nd quarter was SR19.33 million as compared to a net loss of SR7.28 million during the same period of last year representing an increase of 166% and compared to net income of SR11.39 million during the previous quarter.

2. Gross profit during the 2nd quarter was SR15.06 million compared to zero (0) gross profit during the same period of last year.

3. Operating loss during the 2nd quarter was SR2.37 million as compared to an operating loss of SR21.92 million during the same period of last year, decreased by 89%.

4. Net loss during the six months period was SR7.94 million as compared to a net loss of SR13.95 million during the same period of last year, decreased by 43%.

5. Loss per common share during the six months period was SR0.11 as compared to loss of SR0.20 during the same period of last year.

6. Gross profit during the six months period was SR72.28 million compared to zero (0) gross profit during the same period of last year.

7. Operating income during the six months period was SR37.95 million as compared to an operating loss of SR33.64 million during the same period of last year.

8.The SR12.05 million decrease in the net loss during the 2nd quarter of 2011 in comparison to the 2nd quarter 2010 was mainly due to the commencement of operations of the subsidiary company's Propylene/Polypropylene complex.

The subsidiary company's complex was shutdown during May and June 2011 for a period of Forty Nine (49) days for a full turnaround procedure (major maintenance), as well as for implementing production and equipment enhancement/s. This turnaround procedure is part of the subsidiarys 2011 operating budget and has been completed ahead of schedule by (11) eleven days than previously announced.

Certain reclassifications of prior year figures have been made in the Consolidated Income Statement to reflect the start of the subsidiarys commercial operations.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.