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3. Operating loss, for the third quarter ended 30th September, 2011, totaled SAR 8.8 million compared to operating profit of SAR 78.2 million for the corresponding quarter for the year 2010. 4. Net profit, for the 9-months ended 30th September, 2011, totaled SAR 174.5 million compared to SAR 359.5 million for the corresponding period for the year 2010, a decrease of 51.5%. 5. Earning per Share (EPS) from net profit, for the 9-months ended 30th September, 2011, totaled SAR 0.55 compared to SAR 1.14 for the same period last year 6. Gross profit, for the 9-months ended 30th September, 2011, totaled SAR 135.9 million compared to SAR 387.9 million for the corresponding period for the year 2010, a decrease of 65%. 7. Operating profit, for the 9-months ended 30th September, 2011, totaled SAR 55.9 million compared to SAR 316.6 million for the corresponding period for the year 2010, a decrease of 82.3 %. corresponding period for the year 2010. 8. The CEO of NSCSA, Mr. Saleh Al-Jasser, traced the decrease in the net profit during the 3 months period ending in 30th September, 2011 compared with the same period from the year 2010 and compared with the last quarter period to the following reasons: - Decrease in average Time Charter Equivalent (TCE) rates in Very Large Crude Carrier (VLCC) spot market due to excess capacity of tonnage resulted from the entrance of new VLCCs in the market. - Expiry of three Time Charter contract vessels and their entry back to the Spot market during the second and third quarter of the year 2011. - The rising cost of the vessel bunker. The National Shipping Company of Saudi Arabia (NSCSA), press release |
NSCSA announced the Interim Consolidated Financial Results