Middle East Specialized Cables Co. — Interim / Quarterly Report 2016

Jul 31, 2016

Middle East Specialized Cables Co. announces the interim financial results for the period ending on 30-06-2016 (Six Months)

2370 · 31/07/2016 15:19:09 · Announcement #43438 · View on Saudi Exchange

Middle East Specialized Cables Co. announces the interim financial results for the period ending on 30-06-2016 (Six Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	76.85	-	-	-	-
Gross profit (loss)	31.3	19.3	62.17	26.66	17.4
Operational profit (loss)	8.98	-	-	1.46	515.26
All figures are in (Millions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	71.66	-	-
Gross profit (loss)	57.95	49.61	16.82
Operational profit (loss)	10.44	-	-
Earning or loss per share, Riyals	1.19	-	-
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 recording net profit during the current quarter comparing to net loss during the same quarter of last year is due to the increase in sales during the current quarter, and releasing the provision value of losses over the investment in MESC Jordan which 29.1% share been sold during the first quarter of current year in-addition to the recognition of the share sale proceeds recorded in the current quarter
Reasons of increase (decrease) for period compared with same period last year	The reason for recording net profit during the first six months comparing to net loss during the same period of last year is due to releasing the provision value of losses over the investment in MESC Jordan which 29.1% share been sold during the first quarter of current year in-addition to the recognition of the share sale proceeds recorded in the current period
Reasons of increase (decrease) for quarter compared with previous quarter	The reason for recording net profit during the current quarter comparing to net loss during the last quarter is due to the increase in sales during the current quarter, and releasing the provision value of losses over the investment in MESC Jordan which 29.1% share been sold during the first quarter of current year in-addition to the recognition of the share sale proceeds recorded in 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

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