Knowledge Economic City Company announces its consolidated interim financial results for the period ended 31/12/2011:
1. Net Loss for the fourth quarter amounted to SAR 10 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 9.9 million for the previous quarter, a 1.3 % increase.
2. Gross Profit for the fourth quarter amounted to SAR 3.1 million, while comparison to the same quarter of the previous year does not apply, since the current year is the companys first financial year.
3. Operating Loss for the fourth quarter amounted to SAR 5.6 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 ministerial decree) to December 31, 2011 amounted to SAR 154.7 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 ministerial decree) to December 31, 2011 equalled SAR 0.45. 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 ministerial decree) to December 31, 2011 amounted to SAR 34.8 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 ministerial decree) to December 31, 2011 amounted to SAR 30.4 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 in the fourth quarter 2011 is due to the absence of sales to cover operating expenses as the company projects are still under development, while the Net Loss of SAR 154.7 million during the period from July 27, 2010 till December 31, 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 (date of ministerial decree) and ending December 31, 2011, as per the companys Articles of Association.
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