October 19, 2009
Kuwait City, 19 October, 2009: The United Industries Company (UIC) - a member of the KIPCO Group - has announced a net loss of KD 3,958,040 for the financial period ended 30th September, 2009.
The Board of Directors approved the financial results on 19/10/2009.
The Chairman of UIC, Sheikh Khalifa Al Abdullah Al Jaber Al Sabah announced that during 3rd Quarter 09 (3 month period July 09 to September 09) the company achieved a net profit of KD 122,986, resulting reduction in overall 9 months loss to KD 3.96 million compared to KD 4.08 million reported in June 09.
And added that the company has applied conservative accounting policies and considered adequate provisions against all its investments including the available for sale investments, resulting in a net loss of KD 3,958,040 for the financial period ending 30th September 09, out of which KD 3.36 million is unrealized loss.
The Chairman also stated that, as part of restructuring and financial rescheduling, taking into consideration the auditors’ observation concerning the financial statements as on 31/12/2008, the company initiated and executed following actions;
9.6% (KD 8.9m) of interest bearing loans of 31st December 2008 were repaid to lending banks during the period ended 30th September 2009. Following restructuring process and complying with International Accounting standards, the company reclassified certain investment in subsidiary as associate that led to decrease of 46.7% (KD 43.3m) of interest bearing loans of 31st December 2008, because these loans are related to the subsidiary itself.
Also, the major interest bearing loan of 43.1% (KD 40m) as on 31st December 2008 was rescheduled from short-term loan to medium-term loan.
The above steps have impacted the company’s financial statements, and the total liabilities reduced by 49% to KD 59.6m on 30th Sep 2009 compared to KD 117.74 as on 31st December 2008. Also the gap between the current liabilities and the current assets was significantly reduced by 79% (KD 85m) to KD 22.1m as on 30th September 2009 compared to KD 107.1m as on 31st December 2008.
The Chairman of UIC further added:
Once again, we would like to emphasize on the strength of the company’s financial position as it succeeded in sustaining it. Thus, this will have positive impact on the future financial statements of the company.
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