JEDDAH: The Saudi Steel Pipe Company generated a net income amounting to SR21.34 million for the second quarter of this year, it announced on Sunday.
This is a decrease of 15.1 percent compared to the same period last year of SR25.15 million and an increase by 1.6 percent compared to SR21.01 million posted in the first quarter 2011, according to a statement posted on the Tadawul website.
It said gross profit for the second quarter amounted to SR29.74 million, a decrease of 9.8 percent compared to the same period last year of SR32.99 million.
Operating profit for the second quarter amounted to SR21.17 million compared to the same period last year of SR25.25 million a decrease of 16.1 percent.
Net profit for the first six months of 2011 at SR42.35 million compared to the same period last year of SR45.18 million a decrease of 6.2 percent. Earnings per share (EPS) for the first six months of 2011 at SR0.83 compared to same period of last year at SR0.89.
The gross profit for the first six months of 2011 at SR58.49 million compared to same period of last year at SR61.11 million decrease of 4.3 percent.
Operating profit for the first six months of 2011 at SR42.21 million compared to the same period last year of SR45.19 million a decrease of 6.6 percent.
The statement said net income for the second quarter and first six months of 2011 decrease compared to the same period of last year because of decrease in sales due to poor market demand particularly in oil pipes.
Sales in the induction bending business sales for the first six months of 2011 at SR7 million has doubled compared to same period of last year at SR 3 million only.
"For the new projects we expect to make an effect on our income on the last periods of this year," the statement added.
© Arab News 2011
