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Red Sea Housing Services Co. announces the interim financial results for the period ending on 31-03-2016 (Three Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 32.08 30.04 6.79 27.1 18.38
Gross profit (loss) 75.12 67.16 11.85 80.13 -6.25
Operational profit (loss) 39.3 34.43 14.14 33.62 16.89
Earning or loss per share, Riyals 0.53 0.5 - - -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The increase in Net Profit compared to the same quarter of last year is due to increase in gross profit margin from 24.4% in first quarter of previous year to 27.6% in current quarter which has resulted from the increase in rental and paint revenues and lowered cost of sales for rental and paint business.
Reasons of increase (decrease) for quarter compared with previous quarter The Net profit in the first quarter of 2016 over previous quarter has increased by 18.4% mainly due to decrease in total operating expenditure (i.e. Selling & Marketing expenses and General & Administrative expense) resulting from decrease in employee cost and reduction in consultancy and professional expenses.
Reclassifications in quarterly financial results Certain comparison figures for the prior period have been reclassified to conform with the presentation of the current period.
Other notes Net Income for the current quarter is the highest since the third quarter of 2014.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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