(OEIHC) Oman & Emirates Investment Holding Company discloses summary financial results for 3rd quarter, 2008
BOD report with limited information for 9M and nothing for 3Q (3Q figures have been calculated from 9M and 1H data). Oman and Emirates Investment Holding Company (OEIHC) financial results for third quarter 2008 are (EPS annualised in brackets):
EPS figures calculated from Net Profit / 121,875,000 shares outstanding but as the company did not make a profit, PE calculation is not very useful. And anyway, I'm not sure about number of shares outstanding - I vaguely recall some unclear information about share split or capital issue and as OEIHC shares are rarely traded in the UAE (none today for example), there probably aren't a huge number of forum members who care (if I'm wrong, reply here and I'll have another look when complete financial statements are released). UAE market average PE is about 10 at present.
Oman & Emirates Investment Holding Co SAOG - Preliminary Un-audited Results for the nine month period ended 30 September 2008
Consequent to the steep correction in the stock indices in Oman and UAE (the company’s operating zones) due to the crisis in the financial markets of the world, the quoted trading investments held by the Parent Company and the Investment Companies in the Group have shown a major reduction (unrealized loss) amounting to RO 8.761 Million for the Group and RO 7.796 Million for the Parent Company. This reduction in value has adversely impacted the overall financial performance and resulted in a Net Loss of RO 8.105 Million for the Group and RO 6.380 Million for the Parent Company for the nine month period ended 30th September 2008. The details are as under:
Code:
All figures in million RO except for EPS
Particulars Group Parent Company
30.09.2008 30.09.2007 30.09.2008 30.09.2007
Total Income 4.526 6.747 3.625 2.817
Less: Unrealised (loss) / gain
on trading investments (8.761) 7.347 (7.796) 6.394
Less: Total Expenses (4.409) (3.518) (2.209) (2.936)
Net (Loss) / Profit (8.644) 10.576 (6.380) 6.275
Net (Loss) / Profit attributable
to the Parent Company (8.105) 10.315 (6.380) 6.275
EPS - Rial Omani (0.067) 0.085 (0.052) 0.051
The above results are preliminary and upon of the approval of the Audit Committee and the Board of Directors, the full set of financial statements will be submitted.
With regards
Awad Mohammed Faraj Bamkhalef
Chief Executive Officer
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2008 FY
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