Mobile Telecommunications Company Saudi Arabia (Zain KSA) announces its Annual Financial Statements for the year ended December 31, 2012 as follows:
1. Net loss amounted to SAR 1,749 million, compared to SAR 1,925 million for the last year, which represents a decrease of 9%.
2. Loss per share amounted to SAR 1.34 compared to SAR 1.22 for the last year. Losses per share are computed by dividing losses for the year by the weighted average number of shares outstanding i.e. 1.31 billion shares which takes into consideration the effect of the capital reduction and rights issue during the period ended December 31, 2012 (2011: 1.58 billion shares with a retrospective adjustment for the rights issue that took place in 2012).
3. Gross profit amounted to SAR 2,860 million compared to SAR 3,200 million for the last year, which represents a decrease of 11%.
4. Loss from operations amounted to SAR 932 million, compared to SAR 811 million for the last year, which represents an increase of 15%.
5. Zain KSA confirmed that the principal reasons for the decrease in net loss during the year ended 31 December 2012 were related to the continuous sound control over the operating expenses, the decrease in finance charges.
6. It has been stated in the auditors report an emphasis of matter as follows: We draw attention to Note 1 to the financial statements wherein, the restructuring of the Company's share capital was undertaken and the accumulated deficit, through to September 30, 2011 has been extinguished through the capital reduction process and also the share capital was increased through partial capitalization of advances from shareholders and injection of cash. The Company has incurred a net loss for the year ended December 31, 2012. Furthermore, its current liabilities exceeded its current assets and it has an accumulated deficit as of that date.
Read more: http://www.gulfbase.com/news/zain-ksa-announces-its-annual-financial-statements/229564
1. Net loss amounted to SAR 1,749 million, compared to SAR 1,925 million for the last year, which represents a decrease of 9%.
2. Loss per share amounted to SAR 1.34 compared to SAR 1.22 for the last year. Losses per share are computed by dividing losses for the year by the weighted average number of shares outstanding i.e. 1.31 billion shares which takes into consideration the effect of the capital reduction and rights issue during the period ended December 31, 2012 (2011: 1.58 billion shares with a retrospective adjustment for the rights issue that took place in 2012).
3. Gross profit amounted to SAR 2,860 million compared to SAR 3,200 million for the last year, which represents a decrease of 11%.
4. Loss from operations amounted to SAR 932 million, compared to SAR 811 million for the last year, which represents an increase of 15%.
5. Zain KSA confirmed that the principal reasons for the decrease in net loss during the year ended 31 December 2012 were related to the continuous sound control over the operating expenses, the decrease in finance charges.
6. It has been stated in the auditors report an emphasis of matter as follows: We draw attention to Note 1 to the financial statements wherein, the restructuring of the Company's share capital was undertaken and the accumulated deficit, through to September 30, 2011 has been extinguished through the capital reduction process and also the share capital was increased through partial capitalization of advances from shareholders and injection of cash. The Company has incurred a net loss for the year ended December 31, 2012. Furthermore, its current liabilities exceeded its current assets and it has an accumulated deficit as of that date.
Read more: http://www.gulfbase.com/news/zain-ksa-announces-its-annual-financial-statements/229564
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