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Asharqiyah Development Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

SHARQIYAH DEV 6060 20.99% 19.14 3.32
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) -1,860,494 -3,599,121 48.31 -4,127,894 54.93
Gross profit (loss) -253,859 -2,037,441 87.54 -941,783 73.04
Operational profit (loss) -1,838,292 -3,084,406 40.4 -2,105,325 12.68
Earning or loss per share, Riyals 0.25 0.48 - - -
All figures are in Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The reason for the decrease in losses during the current quarter compared to the same quarter of the previous year is: 1. The decrease in operating costs during the current quarter compared to the same quarter last year due to the cessation of the cattle sector from production as a result of the exclusion of herd cattle during the third quarter of last year, the decline from 3.59 million to 1.86 million, accounting for 48% For the same quarter of last year. 2. Decrease of sales and distribution costs during the current quarter was due to the reduction of the level of agricultural green feed production in line with the decision of the Ministry of Agriculture, Water and Environment to reduce the level of green feed production in order to be banned in early November 2018
Reasons of increase (decrease) for period compared with same period last year The reason for the decrease in losses during the current quarter compared to the same quarter of the previous year is: 1. The decrease in operating costs during the current quarter compared to the same quarter last year due to the cessation of the cattle sector from production as a result of the exclusion of herd cattle during the third quarter of last year, the decline from 3.59 million to 1.86 million, accounting for 48% For the same quarter of last year. 2. Decrease of sales and distribution costs during the current quarter was due to the reduction of the level of agricultural green feed production in line with the decision of the Ministry of Agriculture, Water and Environment to reduce the level of green feed production in order to be banned in early November 2018
Reasons of increase (decrease) for quarter compared with previous quarter The decrease in losses for the current quarter compared to the previous quarter is due to: 1. During the last quarter, the company sold a set of assets for the milk production sector, which was discontinued, resulting in a book loss exceeding SAR 2.7 million. 2. Operating expenses decreased from 941 thousand riyals during the last quarter to 253 thousand during the current quarter, a decrease of 73%. 3. The rate of expenditure on administrative expenses decreased as a result of the reduction of the number of employees during this quarter by up to 50% compared to the number of employees during the last quarter.
Reclassifications in quarterly financial results As a result of the adoption of the International Financial Reporting Standards IFRS, some of the current and comparative period figures have been reclassified and reclassified for the previous year. There are no negative effects arising from the reclassification.
Other notes Total comprehensive income for the current quarter reached SAR 1.86 million compared to SAR 4.12 million for the previous quarter, achieving a significant improvement in the loss rate of 55% and a significant improvement in total comprehensive income for the quarter Compared to the same period last year. Total gross income for the same quarter last year reached SR 3.59 million, a decrease of 48%. Shareholders' equity at the end of the current quarter reached SR 217.56 million. Last year was SAR 232.41 million, a decrease of 6.5%

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