Al Safat Investment Kuwait - More Detail on 1H10 KD1.1 Million Loss

Additional detail on ASIK's 1H10 financial performance via an article in Al Watan quoting ASIK's Vice Chairman Mohammad Ali Al Naqi.

While the Company did indeed have KD4 million in profit on the sale by one of its subsidiaries of an investment (in the PRC), this was overwhelmed by mark to markets on Kuwaiti shares.  The VC noted the significant decline on the KSE in 2Q10 as well as KD2.48 million of precautionary provisions on   أرصدة مدينة  .

I'm translating these as "debit balances" and presume they relate to receivables of some sort as opposed to investments.   And I'd certainly welcome any comments from readers who either would like to confirm or amend that translation.

Earlier post on ASIK's 2010 performance here.

Al Safat Investment Kuwait: 1H10 Loss KD1.1 Million

Al Safat Investment issued its 1H10 financials on the KSE today (as usual Arabic only text which is below).

The headlines:

1. A loss for the 1H10 of KD1.1 million and for 2Q10 a loss of KD2.3 million.
2. Comparable figures for 2009 were KD0.05 million for 1H09 and a profit of KD2.0 million for 2Q09.
3. Shareholders' equity stood at KD109 million versus KD136.5 million a year earlier.
4. Current Assets KD56.9 million
5. Total Assets KD177.1 million
6. Current Liabilities KD56.6 million (Positive working capital!)
7. Total Liabilities of KD67.9 million.
8. Total Equity of KD109 million.
9. Don't have an explanation for the KD154,300 difference between Total Assets and Total Liabilities plus Total Equity.  Treasury Shares?

What's interesting is that earlier ASIK had announced  that one of its subsidiaries had concluded a successful exit from a holding in the PRC which would give a profit of KD4.25 million  which would be reflected in ASIK's 2Q10 results.  That suggests that there were total expenses of at least KD6.55 million in 2Q10, assuming no other revenue. Mark-to-markets or provisions, pehaps? 

[9:8:50]  بلغت (خسارة) (الصفاة) (1) مليون د.ك لل6 أشهر المنتهية في 30-06-2010‏
يعلن سوق الكويت للأوراق المالية أن شركة الصفاة للاستثمار (الصفاة)‏
حصلت على موافقة بنك الكويت المركزي على بياناتها المالية المرحلية للفترة ‏
المنتهية في 30-06-2010، يوم الخميس الموافق 16-09-2010 ،
وفقا لما يلي:‏
البند     ال3 أشهر المنتهية في 30-06-10     ال6 أشهر المنتهية في 30-06-10‏
الربح (خسارة)(د.ك)           (2.283.982)               (1.052.962) ‏
ربحية(خسارة)السهم (فلس كويتي) (2.95)                       (1.36) ‏
اجمالي الموجودات المتداولة                                56.860.414‏
اجمالي الموجودات                                          177.095.485‏
اجمالي المطلوبات المتداولة                                 56.566.959‏
اجمالي المطلوبات                                           67.979.802‏
ِ اجمالي حقوق المساهمين                                   108.961.399‏
بلغ اجمالي الايرادات من التعاملات مع الاطراف ذات الصلة مبلغ 342.017 د.ك
بلغ اجمالي المصروفات من التعاملات مع الاطراف ذات الصلة مبلغ 162.545 د.ك
الفترات المقارنة:‏
البند     ال3 أشهر المنتهية في 30-06-09     ال6 أشهر المنتهية في 30-06-09‏
الربح (خسارة)(د.ك)            2.008.551                    49.797 ‏
ربحية(خسارة)السهم (فلس كويتي)  2.60                          0.06‏
اجمالي الموجودات المتداولة                                66.093.906‏
اجمالي الموجودات                                          210.284.340‏
اجمالي المطلوبات المتداولة                                 38.250.324‏
اجمالي المطلوبات                                           73.726.219‏
ِ اجمالي حقوق المساهمين                                   136.532.947‏
وعليه سوف تعاد الشركة الى التداول بعد عشر دقائق من نزول الاعلان .‏