KEC’s Q2 net loss amounts to SR 0.776 m

Knowledge Economic City Company (KEC) has announced its consolidated interim financial results for the period ended June 30, 2012. According to the Tadawul website, its net loss for Q2 amounted to SR 0.776 million, compared to SR 9.2 million for the corresponding quarter of the previous year, a 91.6 percent decrease, and compared to SR 8.3 million for the previous quarter, a 90.7 percent decrease. Gross profit for Q2 amounted to SR 3.3 million, while no gross profit was realized during the corresponding quarter of the previous year. Operating loss for the second quarter amounted to SR 9.4 million compared to SR 12.7 million for the corresponding quarter of the previous year, a 25.9 percent decrease. Net loss for the six months amounted to SR 9.1 million compared to a net profit amounting to SR 10.9 million for the corresponding period of the previous year. Loss per share for the six months amounted to SR 0.027 compared to a profit per share amounting to SR 0.032 for the corresponding period of the previous year. Gross profit for the six months amounted to SR 5.1 million compared to SR 31.6 million for the corresponding period of the previous year, an 83.9 percent decrease. Operating loss for the six months amounted to SR 17.9 million compared to an operating profit amounting to SR 6 million for the corresponding period of the previous year. From arabnews