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Middle East Specialized Cables Co. — Earnings Release 2015
Feb 25, 2016
53335_rns_2016-02-25_f5d36cf0-3116-4b77-a012-ce6b6c377b28.html
Earnings Release
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Middle East Specialized Cables Co. announces the annual financial results of the period ending on 31-12-2015
2370 · 25/02/2016 08:27:53 · Announcement #41406 · View on Saudi Exchange
Middle East Specialized Cables Co. announces the annual financial results of the period ending on 31-12-2015
| Element | Current year | Previous year | % Change |
|---|---|---|---|
| Net profit (loss) | -103.7 | -23.07 | -349.51 |
| Earning or loss per share, Riyals | -1.73 | -0.38 | - |
| Gross profit (loss) | 80.74 | 106.45 | -24.16 |
| Operational profit (loss) | -119.61 | 2.36 | - |
*All figures are in (Millions) Saudi Arabia, Riyals
| Element | EXPLAINATION |
|---|---|
| Reasons of annual financial results | The reason for the increase in net losses during the current year comparing to the last year is due to recording additional provisions for Doubtful Debts, inventory and impairment in Plant & Machineries value in the Jordanian subsidiaries due to geo political conditions leading to a difference between the carrying value and fair value of these assets as required by the accounting standards |
| Reclassifications in annual financial results | Certain of the prior year amounts have been reclassified to conform to the presentation in the current year |
| Other notes | the reason for the increase in annual net losses comparing to the interim results is due to recording additional provisions for Doubtful Debts with Technimont on their project in Kuwait & inventory Provisions |
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.