Middle East Specialized Cables Co. — Interim / Quarterly Report 2013

Oct 29, 2013

Middle East Specialized Cables Co announces the interim financial results for the period ending on 30-09-2013 (Nine Months)

2370 · 29/10/2013 16:43:27 · Announcement #32330 · View on Saudi Exchange

Middle East Specialized Cables Co announces the interim financial results for the period ending on 30-09-2013 (Nine Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	15.32	9.22	66.14	0.02	76,476.62
Gross profit (loss)	33.42	40.37	-	31.96	4.57
Operational profit (loss)	11.33	14.92	-	7.69	47.3
All figures are in (Millions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	28.71	34.27	-
Gross profit (loss)	112.1	129.67	-
Operational profit (loss)	40.43	53.86	-
Earning or loss per share, Riyals	0.72	0.86	-
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 decrease in gross profit during current quarter comparing to the same quarter of last year is due to decrease in specialized cables sales volume which has better profit margins due to the postponement of some orders from EPC customers. This was compensated by an increase in power cables sales volume which has low profit margins. The increase in Net Profit during the current quarter compared to the same quarter of last year is due to the capital gain from a land sale amounted to SR 12 million realized in the current quarter.
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 nine months compared to the same period of last year is due to the decrease in specialized cables sales volume which has better profit margins during the current period due to the postponement of some orders from EPC customers. This decrease in Net profit was partially offsetted by the gain from sale of land during the current period
Reasons of increase (decrease) for quarter compared with previous quarter	The reason for the increase in net profit during the current quarter compared to last quarter is due to the gain from sale of land amounted to SR 12 million during the current quarter.
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 is calculated by dividing net income for the period by the number of shares of 40 million as of 30 Sep. 2013. As the company has completed the capital increase transaction and received the proceeds during Oct. 2013. The effect of this transaction will take place in forth quarter 2013

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.