United Electronics Company (eXtra) announces its interim financial results for the period ending 31st March 2012 as follows:-
1. For the First-Quarter ended 31st March 2012, eXtra achieved net profit of SR 23.8m, an increase of 25 % compared to the same period last year of SR 19 m. and a decrease of 42 % compared to the 4th quarter 2011 of SR41.2m.
2. The gross profit for the First-Quarter ended 31st March 2012 amounted to SR 111.9 m. an increase of 22 % compared to the same period last year of SR 91.6m.
3. The operating income for the First-Quarter ended 31st March 2012 amounted to SR 24.3 m. an increase of 20 % compared to the same period last year of SR20.2 m.
4. The Earnings Per Share (EPS) for the three months ended 31st March 2012, amounted to SR 0.99 compared to SR 0.79 for the same period last year.
5. The total sales for the First-Quarter is SR 626m. an increase of 31.3% compared to the same quarter last year of SR 476.6 m.
6-The key drivers behind achieving the growth in revenues and profits are the increase in eXtra stores from 18 stores in the first quarter of 2011 to 25 stores by the end of the first quarter of 2012, the positive growth of like for like stores, all stores delivering positive profitability, the growth across all product categories, and the continuous focus on driving operational efficiency.
7- The difference between quarter one results this year compared to quarter four of 2011 is due to the occurrence of eXtra Megasale event which takes place annually during the 4th quarter of every year.
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