Knowledge Economic City Company announces its interim financial results for the period ended 30/09/2011:
1.Net Loss for the third quarter amounted to SAR 9.9 million, while comparison to the same quarter of the previous year does not apply since the current year is the companys first financial year, and compared to SAR 9.2 million for the previous quarter, a 7.3% increase.
2.No Gross Profit was realized in the third quarter of 2011.
3.Operating Loss for the third quarter amounted to SAR 12 million, while comparison to the same quarter of the previous year does not apply since the current year is the companys first financial year.
4.Net Loss for the period from July 27, 2010 (date of the ministerial decree announcing the establishment of the company) to September 30, 2011 amounted to SAR 144.6 million, due to the write-off of all the pre-operating expenditures amounting to SAR 128.6 million. Comparison to the same period of the previous year does not apply since the current year is the companys first financial year.
5.Loss per share for the period from July 27, 2010 (date of the ministerial decree announcing the establishment of the company) to September 30, 2011 equalled SAR 0.42. Comparison to the same period of the previous year does not apply since the current year is the companys first financial year.
6.Gross Profit for the period from July 27, 2010 (date of the ministerial decree announcing the establishment of the company) to September 30, 2011 amounted to SAR 31.6 million. Comparison to the same period of the previous year does not apply since the current year is the companys first financial year.
7.Operating Loss for the period from July 27, 2010 (date of the ministerial decree announcing the establishment of the company) to September 30, 2011 amounted to SAR 24.7 million. Comparison to the same period of the previous year does not apply since the current year is the companys first financial year.
8.Net Loss is due to the absence of sales in the third quarter, while the Net Loss of SAR 144.6 million during the period from July 27, 2010 till September 30, 2011 is attributed to the write-off of the entire pre-operating expenses amounting to SAR 128.6 million, noting that the first financial year of the company is a long year starting July 27, 2010 (the date of the ministerial decree announcing the establishment of the company) and ending December 31, 2011, as per the companys Articles of Association.
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