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Disclosure of the Initial Unaudited Financial Results for the three-month period ended 31 March 2017
Apr 12, 2017 - 06:55PM Company : SMN POWER HOLDING

SMN Power Holding SAOG

 

Disclosure of the Initial Unaudited Financial Results for the three-month period ended 31 March 2017

 

Muscat, Oman, 12 April 2017: SMN Power Holding SAOG announces un-audited consolidated results for the 3-month period ended 31 March 2017.

 

Pursuant to Circular E/2/2016 Disclosure of Initial Quarterly Financial Results issued by the Capital Market Authority, SMN Power Holding SAOG is pleased to disclose the following unaudited consolidated financial results for the 3-month period ended 31 March 2017.

 

Unaudited Financial Results

2017

RO ‘000

Un-audited

2016

RO ‘000

Un-audited

Variance

(%)

 

 

 

 

Operating Revenues

 17,211

24,374

-29.4%

Operating costs

 (12,457)

(19,587)

36.4%

Gross Profit

 4,755

4,787

-0.7%

Administrative and General Expenses

 (286)

(246)

-16.1%

Profit from Operations

 4,469

4,541

-1.6%

Finance Charges

 (2,213)

(2,375)

6.8%

Profit Before Tax

 2,255

2,166

4.1%

Taxes**

 (3,346)

(180)

-1759.0%

Net (Loss)/Profit for the Period

 (1,091)

1,986

-154.9%

 

 

 

 

Net (Loss)/Earnings per Share (Bzs/Share)

(5)

10

-154.9%

 

The Company has recorded a net loss of OMR 1,091 Thousand for the three month period ended 31st March 2017. The loss is due to the revaluation of the Deferred Tax Liability following the recent increase in corporate income tax rate from 12% to 15%.

The adjustment has caused a significant increase in tax expense of OMR 3,166 Thousand.

 

For information, the recent increase in corporate income tax rate from 12% to 15% was promulgated by Royal Decree 9/2017 issued on 19 February 2017 and published in the Official Gazette on 26 February 2017.

 

This reduction in net result will however not impact the ability of the Company to distribute the projected dividend in 2017 as the Company has sufficient retained earnings.

 

The Company recorded a Profit Before Tax of OMR 2.3M which represents a 4% improvement as compared to the same prior-year period.

 

The above reported numbers represent initial unaudited consolidated results and are subject to approval and confirmation by SMN Power Holding SAOG Audit Committee and Board of Directors.

 

Disclosure of the approved unaudited consolidated Financial Statements for the 3-month period ended 31 March 2017 shall be issued in accordance with the Executive Regulation of the Capital Market Law after the Board of Directors meeting of SMN Power Holding SAOG to be held on 27 April 2017.