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Middle East Specialized Cables Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 0.44 76.82 -99.43 3.86 -88.58
Gross profit (loss) 22.26 31.37 -29.05 31.5 -29.35
Operational profit (loss) 6.52 80.98 -91.94 9.7 -32.74
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 4.3 71.74 -94
Gross profit (loss) 53.76 58.18 -7.61
Operational profit (loss) 16.23 82.44 -80.32
Earning or loss per share, Riyals 0.07 1.2 -
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 the decrease in net profit during the current quarter comparing to the same quarter of last year is mainly due to :
1. Decrease in sales volume during the current quarter.
2. Releasing the provision for losses over the investment value for MESC Jordan, resulting from 29.1% share sale during the same quarter of last year
The effect of the above was reduced by the reduction in overall expenses during the current quarter
Reasons of increase (decrease) for period compared with same period last year The reason for the decrease in net profit during the first six month comparing to the same period of last year is mainly due to :
1. Decrease in sales volume during the current period.
2. Releasing the provision for losses over the investment value for MESC Jordan, resulting from 29.1% share sale during the same period of last year
The effect of the above was reduced by the reduction in overall expenses during the current period
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 173.8 million versus SR 233.4 million for the same quarter of last year. a decrease of 25.5%.

B- Total comprehensive income attributable to the owners of the company during the current quarter amounts to SR 0.03 million versus SR 82.4 million for the same quarter of last year; a decrease of 100%. And versus an income of SR 3.0 million for the previous quarter; a decrease of 99%.
The reason for the decrease in comprehensive income attributable to owners of the company during the current quarter compared with same quarter of last year is due to the decrease in sales volume during the current quarter and
releasing the provision for losses over the investment value for MESC Jordan (as mentioned above) during the same quarter of last year.
While the reason for the decrease in comprehensive income attributable to owners of the company during the current quarter compared with previous quarter is due to the decrease in sales volume which was partially offset by the decrease in expenses during the current quarter.

C- Sales during the first six months amounts to SR 367.9 million versus SR 458.3 million for the same period of last year. a decrease of 19.7%.

D- Total comprehensive income attributable to the owners of the company during the first six months amounts to SR 3.1 million versus SR 77.5 million for the same period of last year. a decrease of 96%.

E-Equity attributable to shareholders (after the elimination of Minority Interest) as of 30/06/2017 amounts to SR 460.9 million versus SR 450.1 million as of 30/06/2016. An increase of 2.4%

F- Accumulated Losses as of 30/06/2017 amounts to SR 171.4 million which is 28.6% of share capital

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