Ash-Sharqiyah Development Co. — Regulatory Filings 2017

Aug 24, 2017

Asharqiyah Development Co. Announces a Correction in The Previous Announcement Relating to the Interim Financial Results for The Period Ending 30-06-2017 (Six Months)

6060 · 24/08/2017 15:36:43 · Announcement #47976 · View on Saudi Exchange

Asharqiyah Development Co. Announces a Correction in The Previous Announcement Relating to the Interim Financial Results for The Period Ending 30-06-2017 (Six Months)

Further to the announcement published on Tadawul's on 17-08-2017 related to Asharqiyah Development Co. Announcement of the Interim Financial Results for the Period Ending 30-06-2017 (Six Months) where the announcement mention that the total loss during the current quarter amounted to (SR 1,792,507) compared to (SR 1,563,584) for the same quarter last year which constitutes an increase of 14.64%. The operating losses during the current quarter amounted to (SR 2,645,481) compared to (SR 2,588,604) of the same quarter of last year constituting an increase of 2.2%. And the total loss for the corresponding period of the previous year is (SR 4,425,514).

While the correction is that the total loss for the current quarter amounted to (SR 2,041,407) compared to (SR 1,563,584) during the same quarter of the previous year constituting an increase of 30.5%. The operating losses amounted to (SR 2,894,381) compared to (SR 2,588,604) during the same quarter of the previous year constituting an increase of 11.8%. And the total loss for the current period amounted to (SR 4,078,848) compared to SR 4,425,514 profits for the corresponding period of the previous year. It should be noted that the change is a re-classification process whereby the cost of revenues has been recalculated resulting in an increase in the total loss from (SR 1,792,507) to (SR 2,041,407) constituting a decrease of 13.8%. Therefore, the operational losses increased from (SR 2,645,481) to (SR 2,894,381) constituting an increase of 9.4%. This difference was subtracted from capital losses and added to the cost of revenues, resulting in no impact on net loss for Q2 of 2017.

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