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Red Sea International 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) -5.6 31.2 - 8.7 -
Gross profit (loss) 29.5 70 -57.86 45.3 -34.88
Operational profit (loss) -2.1 36.8 - 15.5 -
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 3.1 62.9 -95.07
Gross profit (loss) 74.8 145 -48.41
Operational profit (loss) 13.5 74.6 -81.9
Earning or loss per share, Riyals 0.1 1.1 -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year There was a Net loss attributable to Shareholders of the Company for the current quarter as compared Net profit in same quarter last year primarily due decrease in gross profit by SAR 40.5 million, this decrease is due to reduction in gross profit margin from 26.2% in same quarter last year to 14.8% in current quarter which has resulted from decrease in rental revenues by 23.6% and building revenues by 26.2%. However operating expenses has been reduced by SAR 1.6 million during the current quarter due to increase in other income primarily due to forex gains and reduction in impairment expenses.
Reasons of increase (decrease) for period compared with same period last year Net Profit for six month period attributable to Shareholders of the Company has decreased as compared to the same period last year primarily due decrease in gross profit by SR 70.2 M, this decrease is due to reduction in gross profit margin from 26.9% in same period last year to 17.6% in current period which has primarily resulted from decrease in rental revenues by 18.8% and building revenues by 23.0%. However operating expenses has been reduced by SR 9.1 million during the current period as compared to same period last year primarily due to decrease in Selling and Marketing & General and Administrative expenses by 5.4% primarily as result of reduction in employee cost and travelling expenses driven by cost control and operational efficiencies.
Reasons of increase (decrease) for quarter compared with previous quarter There was a Net loss attributable to Shareholders of the Company in the current quarter as compared to the Net Profit in the previous quarter primarily due to decrease in gross profit by SAR 15.8 million, this decrease is due to reduction in gross profit margin from 19.9% in previous quarter to 14.8% in current quarter, which has resulted from decrease in overall revenues by 12.6%. However income tax expense has decreased during the current quarter by SAR 2.7 million primarily due to decrease in accrual for income tax as a result of decreased profits for subsidiaries.
Reclassifications in quarterly financial results Items, elements and notes of the comparatives Condensed Consolidated Interim Financial Statements have been redisplayed, regrouped and reclassified to meet with the applied accounting policies for the current period which have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia. For more information, please see the note 5 (First time adoption of IFRS) in the Interim Consolidated Financial Statements for the period ended in 30 June 2017.
Other notes The sales revenue for the current quarter is SAR 198.8 million as compared to SAR 267.3 million generated during the same quarter of last year, which represents a decrease of 25.6%.

The sales revenue for the six months period ending June 30, 2017 is SAR 426.1 million as compared to SAR 539.1 million generated during the same period last year, which represents a decrease of 21.0%.

The Comprehensive loss for the period attributable to Shareholders of the Company for the current quarter is SAR 3.7 million as compared to as comprehensive income of SAR 28.7 million for the same quarter of last year, and compared to comprehensive income of SAR 6.9 million for the previous quarter.

The Comprehensive Income for the period attributable to Shareholders of the Company for the six month period ended June 30, 2017 is SAR 3.2 million as compared to SAR 58.6 million for the same period of last year, which represents a decrease of 94.5%.

The Net Shareholders' Equity (excluding minority interest) as at June 30, 2017 is SAR 894.1 million as compared to SAR 909.1 million as at June 30, 2016, which represents an decrease of 1.6%.

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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