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united wire factories co. announces the interim financial results for the period ending on 31-03-2017 (three months)

11/05/2017
15:22:21


ELEMENTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR% CHANGE CURRENTPREVIOUS QUARTER% CHANGE PREVIOUS
Net profit (loss) 7.7 17.3 -55.49 11.7 -34.19
Gross profit (loss) 18.8 32.5 -42.15 23.7 -20.68
Operational profit (loss) 10.2 21.4 -52.34 13.3 -23.31
Earning or loss per share, Riyals 0.18 0.39 - - -
All figures are in (Millions) Saudi Arabia, Riyals

ELEMENTEXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year Company comperhensive income ,Comperhensive gross income and operating income decreased during the current quarter compared to the same quarter of the last year due to the decraese in sales, profit margins and due to the lack of demand , the incraese in competition and decraesed prices
Reasons of increase (decrease) for quarter compared with previous quarter Company comperhensive income ,Comperhensive gross income and operating income decreased during the current quarter compared to the last quarter due to the decraese in sales, profit margins and due to the lack of demand , the incraese in competition and decraesed prices
Reclassifications in quarterly financial results Comparative figures for year 2016 are reclassified based on the financial statements prepared according to International Financial Reporting Standards in Saudi Arabia approved by the Saudi Organization of Certified Public Accountants
Other notes Company used audited numbers for the year ended 31/12/2016 for comparative figures of the last quarter after amending them with the effects of implemeting IFRS. Gross sales for the current quarter amounted to SR 145 Million compared to SR 210 Million for the same quarter of the last year which represents a decrease of 31% due to lack of demand for building materials. Comperhensive gross income amounted to SR 18.8 Million compared to SR 32.5 Million for the same quarter of the last year which represents a decrease of 42%. Owners' Equity amounted to SR 504 Million compared to SR 506 Million for the same quarter ofthe last year which represents a decraese of .4% ( There is no minority interests). Company implemented IFRS starting 1st of January 2017. Based on that some items of the financial statements are changed in the way of measuring , recognizing and disclosure for the current period and the comparative period to adapt the new accounting policies in Saudi Arabia approved by the Saudi Organization of Certified Public Accountants

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