UNITED INTERNATIONAL TRANSPORTATION COMPANY (BUDGET-SAUDI) ANNOUNCES ITS INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED 31 March 2018 (Three Months).
ELEMENT |
CURRENT QUARTER |
SIMILAR QUARTER FOR PREVIOUS YEAR |
% CHANGE CURRENT |
PREVIOUS QUARTER |
% CHANGE PREVIOUS |
Net profit (loss) |
39,593 |
42,477 |
-6.79 |
21,571 |
83.55 |
Gross profit (loss) |
64,885 |
66,050 |
-1.76 |
67,806 |
-4.31 |
Operational profit (loss) |
43,366 |
48,100 |
-9.84 |
43,106 |
0.6 |
Earning or loss per share, Riyals |
0.56 |
0.6 |
- |
- |
- |
All figures are in (Thousands) Saudi Arabia, Riyals |
ELEMENT |
EXPLAINATION |
Reasons of increase (decrease) for quarter compared with same quarter last year |
The decrease in net profit in current quarter compared to same quarter last year is mainly due to decrease of revenue from short rental and lower revenue from car sale gain as a result of comparatively low number of vehicles sold. Also in the current quarter provision for bad debt is SR 2.5 M compared to SR 600 K in the same quarter last year. |
Reasons of increase (decrease) for quarter compared with previous quarter |
The increase in net profit in current quarter compared to previous quarter because in the preceding quarter, the company has made the impairment of SR 14.9 M against the investment in its associate due to status que situation of the associate with no improvement. No such impairment in the current quarter. |
Reclassifications in quarterly financial results |
Certain comparative figures have been reclassified to conform to the current period's presentation according to International Financial Reporting Standards (IFRS). |
Other notes |
1- The revenue of the current quarter is SR 270 million compared to SR 299 million for the same quarter last year with decrease of 9.6% . 2- The total Comprehensive Income during the current Quarter is SR 39.59 million compared to SR 42.48 million for same quarter last year with decrease of 6.8% and compared to SR 23.31 million for previous quarter with increase of 70% because in the preceding quarter, the company has made the impairment of SR 14.9 M against the investment in its associate due to status que situation of the associate with no improvement. No such impairment in the current quarter. |