Saudi Advanced Industries Company (SAIC) announces the interim financial results for the period ending 30/6/2012 (Six Months) as follows :
1.Realized Net Loss of SR 26,170,308 for the 2nd Q2012 compared to Net Profits of SR 4,190,230 for the 2nd Q2011 and compared to Net loss of SR 3,204,401 for the previous quarter with increase of 716.7% .
2. Realized Total loss of SR 2,089,174 for the 2nd 2012 compared to Net Profits of SR 1,414,769 for the 2nd Q 2011.
3. Realized Operating loss SR 3,103,239 for the 2nd 2012 compared to operating profits of SR 753,644 for the 2nd Q 2011.
4. Realized Net loss of SR 29,374,709 for the 6 months period of 2012 compared to net profits of SR 4,363,038 for the same period in 2011.
5. The Loss per share for the 6 months period of 2012 was SR 0.68 compared to earnings per share of SR 0.10 for the same period in 2011.
6. Realized Total loss of SR 4,515,285 for the 6 months period in 2012 compared to total profits of SR 765,842 for the same period in 2011.
7. Realized Operating loss of SR 6,555,930 for the 6 months period in 2012 compared to operating loss of SR 730,535 for the same period in 2011 with increase of 797.4%
8.To clarify the reasons for decrease during the 2nd Q2012 and 6 months period in 2012, as compared to the 2nd Q 2011 and the 6 months ending 30/6/2011 as follows: decrease in earnings from investees, losses of Obeikan Glass Co.(an affiliate Co.), G & A Expenses, and extra financial charges, regarding sale of NPS Bahrain(an affiliate Co.) realized a return but because of recoding the profits from NPS by equity method and adding it on the investment causes losses from NPS Bahrain and increasing Zakat expenses.
9. Certain of the prior period figures have been re-classified to confirm with the current period's presentation.
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