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CORPORATE RESULTS GWC profit rises 13% in Q1 A robust revenue expansion helped Gulf Warehousing Company (GWC) report a 13% growth in its net profit to QR20.65mn in the first three months of this year. Revenue rose 14% to QR129.68mn, while direct costs grew only 8% to QR87.34, translating into a 29% jump in gross profit to QR42.34mn, according to its financial statement filed with the Qatar Exchange. However, other income plunged 72% to QR0.06mn. Staff costs grew 29% to QR8.54mn, general and administrative expenses by 16% to QR7.56mn, finance costs more than tripled to QR5.57mn and net impairment loss on trade receivable more than tripled to QR0.53mn. Total assets were valued at QR1.66bn comprising current assets of QR0.37bn and non-current assets of QR1.29bn. Total equity stood at QR727.41mn on a capital base of QR475.61mn and earnings-per-share was QR0.43 at the end of March 31, 2013. National Bank of Oman National Bank of Oman, the Gulf state's second-biggest lender by market value, said net profit fell 11% to 8.59mn Omani rials ($22.3mn) in the first quarter, from 9.62mn rials in the year earlier. The lender, whose major shareholder is the Commercialbank (Qatar), said earlier this year that it had received a license from Oman's central bank to open an Islamic banking window. According to NBO's statement posted on the Muscat bourse website yesterday, the drop in quarterly profit was mainly due to an 18% on-year decrease in other operating income to 7.01mn rials. Net interest income, however, rose 8% to 17.4mn rials. Total assets grew 15% on-year to reach 2.73bn rials at the end of March, while customers' deposits jumped 20% to 2.07bn rials Turk Telekom A weak currency helped push Turk Telekom's net profit down by almost a third in the first quarter, driving up the cost of its foreign debt financing and offsetting a rise in sales. Turkey's biggest telecoms company said net income fell 32% to 526mn lira ($294mn) in the first three months of the year, still beating a Reuters poll forecast of 498mn lira. Sales rose 6% to 3.14bn lira, broadly in line with expectations in the poll. Turk Telekom's net profit is heavily affected by the lira exchange rate as its liabilities are largely foreign-denominated. Net financing costs were 34mn lira in the first quarter compared to net financing income of 160mn lira a year earlier. Turk Telekom's debts increased to 6.5bn lira in the first quarter from 6.04bn lira at end of 2012, when it included 2.9bn lira of dollar-denominated debt and 2.72bn lira in euro debt. Zain Saudi Indebted telecom operator Zain Saudi said it narrowed losses in the first quarter as revenue rose and financing costs fell. Saudi Arabia's No 3 mobile company, an affiliate of Kuwait's Zain, made a net loss of 398mn riyals ($106.13mn) in the three months to March 31 versus a loss of 420mn in the year-ago period. Analysts polled by Reuters on average forecast Zain Saudi would make a quarterly loss of 387.6mn riyals. The company, which has yet to make a quarterly profit since launching operations in 2008, often struggles to compete with better-resourced rivals Saudi Telecom Co (STC) and Etihad Etisalat (Mobily). Zain Saudi attributed the narrowing first-quarter loss to rising income and lower financing charges, according to a bourse statement.

Gulf Times Newspaper 2013

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Publication:Gulf Times (Doha, Qatar)
Date:Apr 16, 2013
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