Knowledge Economic City Company announces its interim financial results for the period ended 30/06/2011:
1.Net Loss for the second quarter amounted to SAR 9.3 million, compared to a gain of SAR 20.2 million for the first quarter 2011.
2.No Gross Profit realized in the second quarter of the year 2011.
3.Operating Loss for the second quarter amounted to SAR 12.8 million.
4.Net Loss amounted to SAR 134.7 million for the period from July 27, 2010 (the date of the ministerial decree announcing the establishment of the company) to June 30, 2011, due to the write-off of all the pre-operating expenditures amounting to SAR 128.6 Million.
5.Loss per share equalled SAR -0.397 for the period from July 27, 2010 (the date of the ministerial decree announcing the establishment of the company) to June 30, 2011.
6.Gross Profit for the period from July 27, 2010 (the date of the ministerial decree announcing the establishment of the company) to June 30, 2011 amounted to SAR 31.7 million.
7.Operating Loss for the period from July 27, 2010 (the date of the ministerial decree announcing the establishment of the company) to June 30, 2011 amounted to SAR 12.8 million.
8.Net Loss is due to the absence of sales in the second quarter, while the Net Loss of SAR 134.7.4 Million during the period from July 27, 2010 (the date of the ministerial decree announcing the establishment of the company) till June 30, 2011 is attributed to the write-off for the entire pre-incorporation expenses amounting to SAR 128.6 million, noting that the first financial year of the company is a long year starting from July 27, 2010 (the date of the ministerial decree announcing the establishment of the company) and ending on December 31, 2011, as per the companys Articles of Association.
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