United Industries narrows Q2 loss

27/07/2012 21:45 AST

United Industries Company (UIC), a member of Kuwait Projects Company Group (Kipco), made a second quarter loss of KD134,116 ($475,335) in 2012 compared to a loss of KD297,862 during the same period last year.

Announcing the results, UIC chairman Sheikh Sabah Mohamed Abdul Aziz Al Sabah said the company's net profit for the first half soared to KD2.51 million compared to KD941,050 last year.

The earnings per share for the first half stood at 5.21 fils per share, compared with earning per share of 1.91 fils for first half of 2011, said the official.

“Share of income from associates reached KD4.96 million because share of income from Sadafco increased by 24 per cent to KD2.17 million compared to KD1.76 million during last year same period, mainly due to better sales and operational profit during the period.

Also, the share of income from QPIC during the period reached KD2.7 million,” said Sheikh Sabah.

According to him, the investment in associates increased by 5 per cent to hit KD152.6 million compared to KD144.9 million on December 11 due to profit share from associate Sadafco & QPIC as well as share in fair valuation of QPIC investments.

The total asset of the company as on June 30, 2012 was KD170.6 million, he added.


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