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United Industries posts Q3 net profit of KD 0.12 mln

The United Industries Company (UIC) -- a member of the KIPCO Group -- has announced a net loss of KD 3,958,040 for the financial period ended Septt 30, 2009. The Board of Directors approved the financial results on 19/10/2009. The Chairman of UIC , Sheikh Khalifa Al Abdullah Al Jaber Al Sabah announced that during 3rd Quarter 2009 (3 month period July 2009 to Septtember 2009) the company achieved a net profit of KD 122,986, resulting reduction in overall 9 months loss to KD 3.96 million compared to KD 4.08 million reported in June 2009. And added that the company has applied conservative accounting policies and considered adequate provisions against all its investments including the available for sale investments, resulting in a net loss of KD 3,958,040 for the financial period ending Septt 30, 2009, out of which KD 3.36 million is unrealized loss.

The Chairman also stated that, as part of restructuring and financial rescheduling, taking into consideration the auditors' observation concerning the financial statements as on 31/12/2008, the company initiated and executed following actions;

9.6 percent (KD 8.9m) of interest bearing loans of Dec 31, 2008 were repaid to lending banks during the period ended 30th Septtember 2009. Following restructuring process and complying with International Accounting standards, the company reclassified certain investment in subsidiary as associate that led to decrease of 46.7 percent (KD 43.3m) of interest bearing loans of Dec 31, 2008, because these loans are related to the subsidiary itself.

Also, the major interest bearing loan of 43.1 percent (KD 40m) as on 31st December 2008 was rescheduled from short-term loan to medium-term loan.

The above steps have impacted the company's financial statements, and the total liabilities reduced by 49 percent to KD 59.6m on 30th Sept 2009 compared to KD 117.74 as on 31st December 2008. Also the gap between the current liabilities and the current assets was significantly reduced by 79 percent (KD 85m) to KD 22.1m as on 30th Septtember 2009 compared to KD 107.1m as on 31st December 2008.
The Chairman of UIC further added:
Once again, we would like to emphasize on the strength of the company's financial position as it succeeded in sustaining it. Thus, this will have positive impact on the future financial statements of the company.

Governing council of Injazzat Real Estate Development Company (injazzat) met on Monday, and adopted the financial statements of the company for the nine months period ending Sept 30, 2009.
For the three months ending Sept 30, 2009, Injazzat earned a profit of KD 227,000 with EPS valued at 0.66 fils compared to a profit of KD 2.1 million or 6.24 fils per share earned during the same period of Sept 30, 2008.

Particulars
(9 mths ending) Sept 30, 2009 Sept 30, 2008
Profit (Loss) (KD) 2,817,816 14,475,795
EPS (LPS) (fils) 8.15 43
Total current assets 26,454,553 22,166,214
Total assets 193,257,076 204,334,912
Total current liabilities 68,576,789 56,146,074
Total liabilities 110,370,862 116,746,049
Total equity 82,886,214 87,588,863

The net profit includes total income from transactions with related parties worth KD 154,605.

Kuwait Hotels Company's Board of Directors met on Sunday, and adopted the financial statements of the company for the nine months period ending Septt 30, 2009.

For the three months ending Septt 30, 2009, the company earned a profit of KD 205,000 with EPS valued at 3.83 fils compared to a profit of KD 134,000 with EPS valued at 2.5 fils per share earned during the same period of Septt 30, 2008.

Particulars
(9 mths ending) Septt 30, 2009 Septt 30, 2008
Profit (Loss) (KD) 1,588,948 1,043,536
EPS (LPS) (fils) 29.56 19.4
Total current assets 8,510,100 9,452,317
Total assets 15,877,380 15,321,803
Total current liabilities 4,856,107 5,007,621
Total liabilities 6,214,369 6,498,186
Total equity 9,663,011 8,823,617
The net profit includes total income from transactions with related parties worth KD 323,285 and total expenditure from transactions with related parties amounting to KD 353,914.

Kuwait Stock Exchange (KSE) announced that the Board of Directors of the Kuwait Foundry Company met on Oct 19, 2009, and adopted the financial statements of the company for the Q3 period ending Septt 30, 2009.

For the three months ending Septt 30, 2009, the company earned a profit of KD 4.9 million with Earning per Share (EPS) valued at 44.95 fils compared to a profit of KD 1.2 million or 11.73 fils per share earned during the same period of Septt 30, 2008.

Particulars
(9 mths ending) Septt 30, 2009 Sept 30, 2008
Profit (Loss) (KD) 6,773,842 7,802,107
EPS (LPS) (fils) 61.56 70.86
Total current assets 7,604,070 2,601,887
Total assets 55,707,207 57,679,218
Total current liabilities 905,026 1,528,847
Total liabilities 1,544,259 2,138,215
Total equity 54,162,948 55,541,003

The net profit includes total income from transactions with related parties worth KD 64,365.

Board of Directors of the National Slaughterhouses Company (NSH) met on Oct 19, 2009, and adopted the financial statements of the company for the third quarter period ending Sept 30, 2009.
For the three months ending Sept 30, 2009, NSH earned a profit of KD 53,000 with Earning per Share (EPS) valued at 1.87 fils compared to a profit of KD 30,000 with EPS valued at 1.04 fils per share earned during the same period of Sept 30, 2008.

Particulars
(9 mths ending) Sept 30, 2009 Sept 30, 2008
Profit (Loss) (KD) 100,564 148,926
EPS (LPS) (fils) 3.48 5.16
Total current assets 1,391,613 1,181,500
Total assets 3,188,239 3,383,709
Total current liabilities 81,096 227,913
Total liabilities 91,602 238,944
Total equity 3,096,637 3,144,765

© Arab Times 2009