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NASS Corporation

Source: Taib Bank

Quarterly Result Update

• Nass Corporation (Nass) reported 14.7% drop in revenues to BHD 24.9 million during 1Q11 from 29.2 million in 1Q10.
• Net profit declined to BHD 1.8 million, decreasing 54.8% YoY from BHD 4.0 million in 1Q10.
• Factoring in 1Q11 financials, we have revised our FY2011E total revenue downwards by 10.1% to BHD 100.6 million. Accordingly, our profit estimate for the year stands at BHD 7.5 million.
• We are reiterating our earlier OVERWEIGHT rating on Nass with a revised DCF target price of BHD 0.220, implying an upside of 37.5%.

Revenues
During 1Q11, total revenues declined 14.7% to BHD 24.9 million from BHD 29.2 million in 1Q10. Contract income dipped 1.8% to BHD 18.5 million, contributing 74.4% towards total revenue. However, Hire income and Sales tumbled 72.5% YoY and 24.6% YoY, respectively.

Expenses
Contract costs fell 8.8% to BHD 20.6 million, increasing as a percentage of revenue to 82.7% from 77.4%. General and administrative expenses fell 13.4% YoY to BHD 2.4 million from BHD 2.7 million. Finance costs tumbled 43.1% to BHD 0.07 million from BHD 0.05 million. Share of loss from joint ventures was BHD 0.11 million versus BHD 0.01 million recorded in the comparable quarter prior year.

Profitability
Gross profit narrowed 34.7% to BHD 4.3 million due to lower revenues. Operating profit fell 49.7% YoY to BHD 2.0 million. Other non-operating income reduced 38.5% to BHD 0.28 million from BHD 0.46 million. Accordingly, net income plunged 54.8% to BHD 1.8 million from BHD 4.0 million during the same period last year. Adjusted annualised EPS dropped to BHD 0.034 from BHD 0.075.

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