Emaar The Economic City announces the interim financial results for the period ending on 31-03-2018 (Three Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 3 | -19 | - | 180 | -98.33 |
| Gross profit (loss) | 97 | 116 | -16.38 | 463 | -79.05 |
| Operational profit (loss) | -22 | -25 | 12 | 288 | - |
| Earning or loss per share, Riyals | 0 | -0.02 | - | - | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | Reason for increase in profit of the current quarter vs last year's comparable quarter:- An impairment provision against capital work in progress was accounted for during Q1 2017 whereas there is no impairment loss during current quarter. - Gross profit in current quarter was lower as compared to Q1 2017, primarily due to increase in gross loss on operations. - Increase in other income as compared to the corresponding period which is partially offset by increase in depreciation charge during current quarter mainly due to capitalization of certain infratructure assets. |
| Reasons of increase (decrease) for quarter compared with previous quarter | Reason for decrease in profit of the current quarter vs the last quarter of the previous year: - Change in infrastructure cost estimates of the residential and industrial projects resulted in increased gross profit in preceding quarter as compared to the current quarter. - Decrease in selling, marketing, general and administrative expenses during the current quarter mainly due to phasing of expenses. |
| Other notes | Total revenue for the current quarter amounted to SR 281 Million as compared to SR 318 Million for the corresponding quarter, with a reduction of 11.8%. Total shareholders equity (excluding Non-controlling interests), as of 31 March 2018, amounted to SR 8,013 Million, as compared to SR 7,779 Million, as of 31 March 2017, with an increase of 3%. Accumulated losses, as of 31 March 2018, amounted to SR 499 Million, which represent 5.9% of Capital, as compared to SR 733 Million, as of 31 March 2017, indicating a reduction in accumulated losses by 31.9%. Total comprehensive income, attributable to owners of the Company, for the current quarter, amounted to SR 3.6 Million, as compared to total comprehensive loss of SR 17.5 M for the corresponding quarter. Earnings per share for current quarter increased to SR 0.003 as compared to loss per share of SR (0.02) during the corresponding quarter. |
Comments