Sinad Holding Co. — Interim / Quarterly Report 2016

Apr 21, 2016

Aseer Trading, Tourism and Manufacturing Co. announces the interim financial results for the period ending on 31-03-2016 (Twelve Months)

4080 · 21/04/2016 16:34:36 · Announcement #42362 · View on Saudi Exchange

Aseer Trading, Tourism and Manufacturing Co. announces the interim financial results for the period ending on 31-03-2016 (Twelve Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	-	60.5	-	36.9	-
Gross profit (loss)	147.7	233	-	167.1	-
Operational profit (loss)	-	97.9	-	48.8	-
Earning or loss per share, Riyals	-	0.48	-	-	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	due to decrease in gross income and loss in income from main operations resulting mainly from the decrease in gross income from sales of subsidiaries, loss in the revenues from investments, increase in general and administrative expenses, and increase in other expenses, in addition to the increase in financial charges. Moreover, the same quarter from last year included income from discontinued operations that was sold and is no longer consolidated.
Reasons of increase (decrease) for quarter compared with previous quarter	due to decrease in gross income and loss in income from main operations resulting mainly from the loss in the revenues from investments, increase in total expenses, and increase in other expenses, in addition to the increase in financial charges. Moreover, the previous quarter included capital gain from the sale of a discontinued operation.
Reclassifications in quarterly financial results	Certain comparative figures have been reclassified to conform to the current quarter presentation.
Other notes	The company wishes to clarify the exclusion of the financial figures relating to National Packing Products Company Limited, a previously owned subsidiary, in accordance with generally accepted accounting principles, from the consolidation process in the same quarter of last year and in the previous quarter, as the company sold its complete share of 50.4 percent on 28 October 2015. The results of its operations in the income statement have been classified as income from discontinued operations of SR 3.2 million in the same quarter of last year, which is equal to the net income generated in that period by the previously owned subsidiary. Moreover, the previous quarter included a SR 7.5 million income from sale of discontinued operations, which is equal to the capital gain resulting from the sale.

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