Middle East Specialized Cables Co. — Earnings Release 2014

Jul 21, 2014

Middle East Specialized Cables Co announces the interim financial results for the period ending on 30-06-2014 (Six Months)

2370 · 21/07/2014 15:57:23 · Announcement #35288 · View on Saudi Exchange

Middle East Specialized Cables Co announces the interim financial results for the period ending on 30-06-2014 (Six Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	10.19	0.02	60,399.21	-	-
Gross profit (loss)	40.73	31.96	27.46	22.3	82.64
Operational profit (loss)	17.85	7.69	132.09	-	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	2.36	13.39	-
Gross profit (loss)	63.03	78.68	-
Operational profit (loss)	15.97	29.11	-
Earning or loss per share, Riyals	0.04	0.22	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	The reason for the increase in gross profit and net profit during the current quarter comparing to the same quarter of last year is due to the increase in sales volume and improvement in sales margins
Reasons of increase (decrease) for period compared with same period last year	The reason for the decrease in gross profit and net profit during the first six month comparing to the same period of last year is due to the decrease of instrumentation cables sales volume in first quarter due to the postponement of the delivery of some orders from EPC customers which was partially offsetted by an increase in power cables sales that has less profit margins
Reasons of increase (decrease) for quarter compared with previous quarter	The reason for the increase in gross profit and recording net profit during the current quarter comparing to last quarter is due to the increase in sales volume and improvement in sales margins
Reclassifications in quarterly financial results	Certain of the prior period amounts have been reclassified to conform to the presentation in the current period
Other notes	Earning per share attributable to net income for the period and the same period of last year is calculated by dividing net income for the period and for the same period of last year by the number of shares of 60 million as of 30 Jun. 2014. Earning per share for the same period of last year was adjusted to reflect the impact of the capital increase transaction and receiving the proceeds during the fourth Quarter of last year

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