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Middle East Specialized Cables Co. announces the interim financial results for the period ending on 31-03-2017 (Three Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 3.86 -5.08 - 4.39 -12.03
Gross profit (loss) 31.5 26.81 17.48 36.02 -12.56
Operational profit (loss) 9.7 1.46 564.31 9.41 3.12
Earning or loss per share, Riyals 0.06 -0.08 - - -
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 mainly due to :
1. The improvement in Gross profit during the current quarter.
2. The decrease in overall expenses during the current quarter after the deconsolidation of the Jordanian Subsidiary (MESC Jordan) which took place in the second quarter of last year.
Reasons of increase (decrease) for quarter compared with previous quarter The reason for the decrease in net profit during the current quarter comparing to the previous quarter is due to the decrease in sales volume which was partially offset by the decrease in expenses during the current quarter
Reclassifications in quarterly financial results Prior period numbers have been restated as a result of the conversion to IFRS from 01-01-2017.
Other notes A- Sales during the current quarter amounts to SR 194.1 million versus SR 224.9 million for the same quarter of last year. a decrease of 13.7%.

B- Total comprehensive income attributable to the owners of the company during the current quarter amounts to SR 3.0 million versus a loss of SR 4.9 million for the same quarter of last year, and versus an income of SR 4.2 million for the previous quarter. a decrease of 28.6%

C-Equity attributable to shareholders (after the elimination of Minority Interest) as of 31/03/2017 amounts to SR 460.9 million versus SR 367.7 million as of 31/03/2016. An increase of 25.3%

D- Accumulated Losses as of 31/03/2017 amounts to SR 171.8 million which is 28.6% of share capital

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