Saudi Automotive Services Co. (SASCO) has said that the decrease in its net profit during the first quarter of 2013 compared to the previous quarter is due to the decrease in investment revenues, according to Tadawul website.
In its announcement of the interim consolidated financial results for the period ended March 31, 2013, SASCO stated that its net income for the quarter was SR 7.90 million compared to the net income of SR 25.78 million for the same quarter in 2012, representing a decrease of 69.36 percent, and compared to the net income for the previous quarter of SR 8.21 million representing a decrease of 3.78 percent.
The gross profit for the quarter ended March 31, 2013 amounted to SR 7.46 million, compared to the same quarter in 2012 of SR 5.08 million, representing an increase of 46.85 percent.
The income from operations for the quarter ended March 31, 2013 amounted to SR 2.01 million compared to SR 0.08 million for the same quarter in 2012, representing an increase of 2412.50 percent.
The earning per share for the three-month period ended March 31, 2013 amounted to SR 0.18 compared to SR 0.57 for the same period in 2012.
The reason for the decrease in net profit during the first quarter compared to the same quarter of the previous year was to ensure the Q1 2012 to gain from selling part of TAQA Co. Shares and capital gain from settlement of land owned by it on Al-Kharj Road, in spite of the rise in operating income, increased by 21.83 percent during Q1 2013 compared to the same quarter of 2012, which impacted positively on the overall profit and thus the operating profit.
The reason for the decrease in net profit during the first quarter compared to the previous quarter is due to the decrease in investment revenues attributable to receiving them at different periods.
Certain comparative figures have been reclassified to conform to this quarter presentation.
SASCO’s net profit drops by 69.36% to SR 7.90 m
