SLTCO Announces the Interim Consolidated Financial Results

17/01/2013 08:25 AST

The financial Results for the period ended in 31/12/2012 are as explained in the following section:

1. The net loss during the fourth quarter is amounted SR (99) thousand, compared to SR (3.50)million in the corresponding quarter of the previous year, thereby a decrease of (97.17%), and compared to a net profit of SR 1.18 million in the previous quarter.

2. The gross profit during the fourth quarter is amounted SR 1.42 million, compared to SR 385 thousand in the corresponding quarter of the previous year, Thereby an increase of 268.83%.

3. The operational loss during the fourth quarter is amounted SR (261) thousand, compared to SR (3.43) million loss in the corresponding quarter of the previous year, thereby, a decrease of (92.39%).

4. The net profit during the twelve months is amounted SR 2.34 million, compared to the same period of the previous year with a net loss amounted SR (119.68) million.

5. The profit per share during the twelve months is amounted SR 0.13, compared to SR (6.65) loss per share during the same period of the previous year.

6. The gross profit during the twelve months is amounted SR 5.75 million, compared to SR 2.23 million during the same period of the previous year, thereby an increase of 157.85%.

7. The operational profit during the twelve months is amounted SR 731 thousand, compared to the operational loss of SR 5.02 million during the same period of the previous year.

8. The increased activity revenues, other incomes, decreased operational, general and administrative expenses resulted to a decrease in net loss for this current quarter compared to the same quarter of the previous year, while the increase in the gross profit of this current quarter itself in comparison with the same quarter of the previous year is a result of the improved technical operations which led to an increased activity revenues and reduced activity costs. Lastly, the decreased general and administrative expenses has resulted in a decreased operational loss for the current quarter in comparison with the same quarter of the previous year.

9. The net profit during this current period in comparison with the incurred net loss during the same period from the previous year has been attained due to the increased activity revenues and decreased general and administrative expenses during this current quarter, thereby the inclusion of the same period from the previous year to the followings:

- The Recognition of permanent decrease in the value of investment securities which are available for sale at SR (104.56) million through the income statement in accordance with the fair market value of the investments in 31/03/2011.

- The loss incurred from the devaluation of inactive properties and equipments with the amount of SR(8.75) million according to the net book value or the fair value, whichever is lower, and the ownership of This fleet is returned to the company for the period from 1986 to 2004.

- Increased dedicated stagnant spare parts with the amount of SR (4.29) million compared to stagnant spare parts which specific units have already been 1996-2008 sold.

- Increased dedicated stagnant spare parts with the amount of SR (805) thousand compared to stagnant spare parts which specific units have been sold long before.

10. The net loss during this current quarter in comparison with the net profit during the previous quarter of the same year is due to the inclusion of other incomes to the previous quarter which are higher than what is in the current quarter, and at the same time, the inclusion of the general and administrative expenses to the current quarter itself which are higher than what it was in the previous quarter.

11. The audited numbers in 2011 was used.

12. The reclassification of some comparative numbers of the previous period to conform to the current period presentation.

Tadawul