Asharqiyah Development Co. Announces the Interim Financial Results for the Period Ending 30-06-2017 (Six Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | -3,867,492 | -1,984,874 | -94.85 | -3,599,120 | -7.46 |
| Gross profit (loss) | -1,792,507 | -1,563,584 | -14.64 | -2,443,782 | 26.65 |
| Operational profit (loss) | -2,645,481 | -2,588,604 | -2.2 | -3,490,747 | 24.21 |
| All figures are in Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | -7,466,613 | -6,062,059 | -23.17 |
| Gross profit (loss) | -4,078,848 | -4,425,514 | 7.83 |
| Operational profit (loss) | -5,978,787 | -6,802,322 | 12.11 |
| Earning or loss per share, Riyals | -1 | -0.81 | - |
| All figures are in Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The reasons for the increase in losses during the current quarter compared to the same quarter of the previous year is due to First The decrease in sales from SR2.69 million to SR 0.4 million which is equivalent to a decrease of 85% leading to a total loss of SR 1.79 million against a total loss of SR 1.56 million for the same quarter of last year. Second Despite the decrease in General and Administrative expenses from SR 1.03 million to SR 0.85 million equivalent to 16% as a result of the reduction in administrative expenses, the company recorded operating losses of SR 2.65 million compared to operating losses of SR 2.59 million for the same quarter last year. Third The company recorded a net loss of SR 3.87 million compared to a net loss of SR 1.98 million for the same quarter last year. |
| Reasons of increase (decrease) for period compared with same period last year | The reasons for the increase in losses during the current period compared to the same period of the previous year: First Sales decreased from SR 3.75 million to SR 0.85 million equivalent to a drop of 77% due to lack of production of raw milk. Second Decrease in General and Administrative expenses from SR 2.38 million to SR 1.9 million equivalent to 20% due to the reduction of administrative expenses. However the company achieved operating losses of SR 5.98 million compared to operating loss of SR 6.8 million for the same period last year |
| Reasons of increase (decrease) for quarter compared with previous quarter | The reasons for the increase in losses during the current quarter compared to the previous quarter is: First Although sales dropped from SR 0.45 million to SR 0.4 million equivalent to a 10% decline due to lower milk production, the costs were reduced from SR 2.49 million to SR 2.19 million equivalent to 12% which contributed to a decrease in total losses from SR 2.44 million to a total loss of SR 1.79 million for the current quarter. Second Reducing operational and administrative costs contributed to the reduction of operating losses from SR 3.49 million to SR 2.65 million for the current quarter. |
| Other notes | Total revenue for the current quarter amounted to SR 404,468 compared to SR 2,688,973 for the same quarter of last year constituting a decrease of 85%. Total net losses for the current period amounted to SR 853,986 compared to SR 3,752,789 for the same period of last year constituting an increase of 77%. The owners equity (no minority interest) amounted to SR 228,551,562 compared to SR 64,113,469 of the same period of last year constituting an increase of 256%. The comprehensive income for the current quarter decreased to SR 3,867,492 compared to SR 1,984,874 constituting an increase of 48%. The comprehensive losses for current quarter decreased to SR 3,867,492 compared to SR3,599,120 from the previous quarter constituting an increase in losses of 7%. The comprehensive losses for the current period decreased from SR 6,062,059 to SR 7,466,613 from the same period of last year constituting an increase of 23%. |
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