Apr 26 2011 |
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Kuwait: UIC logs KD 1.239 mln net profit in Q1
Income from associates rises 22 percentKUWAIT CITY, April 26: United Industries Company ( UIC ), a member of Kuwait Projects Company Group (KIPCO), posted net profits of KD 1.239 million for the first quarter in 2011.
Announcing these results, Chairman & CEO of UIC Essa Khalid Al-Essa said that UIC Board of Directors approved on 26 April 2011, the financial statements of the company for first quarter ended 31 March 2011, and that the Company posted net profits of KD 1,238,911 compared with net profits of KD 2,790,332 for the same quarter in 2010.
Also highlighting this was achieved despite profits being reduced by KD 1.5 million as provisions and impairment, on assets available for sale to reflect its market price on the balance sheet date.
Earnings per share for the quarter stood at 2.51 fils per share, compared with earning per share of 11.37 fils for the same quarter in 2010, noting that the earning per share of 2.51 fils for 2011 is calculated on the basis of the current capital of UIC which is KD 49,546,875, as per the International Accounting Standards, while, the earning per share of 11.37 fils for the previous year was calculated on the basis of the company's previous capital of KD 24,773,438.
"Share of income from associates increased by 22 percent to KD 4.295m during the quarter compared to same quarter last year income of KD 3.513m due to better income of Al Qurain Petrochemicals company following higher dividends from Equate" Al-Essa added.
Finally he added, "I would like to express my heartfelt appreciation and gratitude to our valued shareholders, for their trust and support and that we invoke the Almighty God to favor us in our future plans for the prosperity of our shareholders and beloved Kuwait".
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