KUWAIT CITY : IFA Hotels and Resorts Company (IFAHR) hits a net profit of KD 37.4 million for the year ending June 30, 2008 with earning per share was valued at 110.98 fils. The company obtained the approval of the board of directors on its financial statements for interim periods ending June 30, 2008, dated Aug 12, 2008. The board reported that the net profit for the financial year ending June 30, 2008 includes unrealized profit of KD 1,523,509. During the corresponding period of 2007, the company earned KD 22.8 million as profit with earning of 66.74 fils per share. Within the duration of a year the profit has risen by 64 percent. The Governing Council recommended distribution of bonus shares at 20 percent of its paid-up capital of 20 shares for every 100 shares. Note that these recommendations are subject to the approval of the general assembly of the company and the competent authorities.
Governing Council of Kuwait Food Company (Americana) met on Tuesday Aug 12, 2008 approved and adopted the interim financial statements for the periods ending June 30, 2008. The company earned KD 33 million as net profit with earning per share valued at 85 fils compared to a profit of KD 38.8 million in 2007. The net profit includes unrealized profit of KD 11,142,000, unrealized revenue worth KD 619,000 and outstanding total expenses amounting to KD 2,867,000. For the three months ending June 30, the company's profit amounted to KD 20.9 million with EPS of 54 fils compared to a profit of KD 29.2 million and EPS of 75 fils earned during the three months ending June 30, 2007.
Noor Financial Investment Company (Noor) earned a net profit of KD 16.7 million for the first half ending June 30, 2008 with earnings of 26 fils per share compared to a profit of KD 31.2 million for the same period of 2007 and earning of 80 fils per share. The net profit includes unrealized loss valued at KD 5,682,739, unpaid expenses amounting to KD 1,238,216 and unrealized revenue of KD 10,316,624. For the three months ending June 30, 2008 Noor earned a profit of KD 5.8 million compared to KD 23.9 million earned during the corresponding period of 2007.
Gulf Cables and Electrical Industries Company hits a profit of KD 16.5 million for the first half ending June 30, 2008 with earnings of 79 fils per share compared to a profit of KD 15.3 million for the same period of 2007 and earnings per share of 73 fils. The company obtained the approval of the Board of Directors on its financial statements for interim periods ending June 30, 2008, dated Aug 13, 2008.The net profit includes revenue worth KD 712,738. For the three months ending June 30, 2008 Gulf Cable's earned a profit of KD 7.5 million with earning per share of 36 fils.
Gulfinvest International Company (Gulfinvest) earned KD 5.8 million as net profit for the first half ending June 30, 2008 with earnings of 11.82 fils per share compared to a profit of KD 8.6 million for the same period of 2007. The board of directors of Gulfinvest met on Tuesday Aug 12, 2008 approved and adopted the financial statements for the periods ending June 30, 2008. The net profit includes unrealized profit valued at KD 1,153,349, unrealized revenue worth KD 44 and outstanding expenses amounting to KD 110,247. For the three months ending June 30, 2008 the company earned a profit of KD 6.5 million compared to KD 6.1 million earned during the same period of 2007 with the earnings per share valued at 13.23 fils and 12.52 respectively.
Al-Safat Tec Holding Company (Saftec) announces a net profit of KD 4.6 million for the first half ending June 30, 2008 compared to a profit of KD 441 thousand during the corresponding period of 2007. The board of directors of Safat Tec met on Wednesday Aug 13, 2008 approved and adopted the financial statements for the periods ending June 30, 2008. The company's earning per share (EPS) was valued at 11.61 fils. For the three months ending June 30, 2008 the company earned KD 4.8 million as profits compared to KD 325 thousand earned during the three months ending June 30, 2007. The net profit includes unrealized profit valued at KD 2,226,828 and unpaid expenses amounting to KD 37,663.
The company board of International Financial Advisors (IFA) had met on Tuesday Aug 12, 2008 approved and adopted the financial statements of the company for the periods ending June 30, 2008. The company posted a net profit of KD 6.8 million for the half year ending June 30, 2008 with earning per share of 10.11 Kuwaiti fils compared to KD 43.6 million earned in 2007 with EPS valued at 63.58 fils. The profits have fallen by 84.4 percent within a year. The net profit includes unrealized losses of KD 19,240,528, unrealized revenue amounting to KD 2,820,000 and unpaid expenses amounting to KD 1,000,595. For the three months ending June 30, 2008 IFA announces a loss of KD 1.7 million compared to a profit of KD 36 million for the same period of 2007.
Advanced Systems Company (ATC) hits a net profit of KD 1.3 million for the first half ending June 30, 2008 with earnings of 7.55 fils per share compared to a profit of KD 628 thousand for the same period of 2007. The board of directors of ATC met on Tuesday Aug 12, 2008 approved and adopted the financial statements for the periods ending June 30, 2008. The net loss includes unrealized revenue valued at KD 880,093. For the three months ending June 30, 2008 ATC earned a profit of KD 907 thousand compared to KD 855 thousand earned during the same period of 2007.
National Cleaning Company hits a net profit of KD 1 million for the six months ending June 30, 2008. The Board of directors approved its financial statements for interim periods ending June 30, 2008, dated Aug 13, 2008. Earning per share was valued at 22.33 fils. During the same period of 2007, the company earned KD 231 thousand as profit with earning of 4.9 fils per share. The board reported that the net profit for the half year of 2008 includes unrealized profits worth KD 172,259. The profits for the half year of June 30 has risen by 332.9 percent within the duration of a year as compared to a rise in the profits by 265 percent for the three months ending June 30, from KD 156 thousand of 2007 to 570 thousand for the year 2008.
The company board of Refrigeration Industries and Storage Company (RISCO) had met on Tuesday, Aug 12, 2008 approved and adopted the financial statements of the company for the periods ending June 30, 2008. The company posted a net profit of KD 509 thousand for the half year ending June 30, 2008 with earning per share of 5.98 Kuwaiti fils. During the three months ending June 30, 2008 the profit was KD 387 thousand with EPS valued at 4.55 fils as compared to a profit of KD 583 thousand and EPS was 6.85 fils for the same period of 2007.
Governing Council of Al-Mowasat Holding Company (MHC) met on Wednesday Aug 13, 2008 approved and adopted the interim financial statements for the periods ending June 30, 2008. The company earned a profit of KD 29 thousand with EPS valued at 0.31 fils compared to a profit of KD 596 million in 2007 and EPS valued at 6.17 fils. The net profit includes unrealized revenue worth KD 30,100 and outstanding total expenses amounting to KD 67,200. For the three months ending June 30, the company incurred a loss of KD 199 thousand compared to a profit of KD 340 thousand during the three months ending June 30, 2007.
© Arab Times 2008
