QIMC posts QR39mn first-quarter profit

Qatar Industrial Manufacturing Company (QIMC) has reported a 15% fall year-on-year in net profit to QR39.04mn in the first three months of this year on lower sales and investment income.Sales fell 3% to QR82.25mn but cost of sales rose 3% to QR68.72mn, resulting in a 23% decline in gross profit to QR13.53mn, according to its financial statement filed with the Qatar Stock Exchange.Other income was down 2% to QR1.79mn; while general and administrative expenses expanded 1% to QR13.34mn; translating into a 68% plunge in operating profit to QR1.98mn.The company’s net share of results from ‘equity-accounted investees’ was down 6% to QR30.19mn and income from investments by 31% to QR6.91mn. Finance costs fell 7% to QR0.6mn.Total assets were valued at QR1.6bn, comprising current assets of QR0.36bn and non-current assets of QR1.24bn.Total equity stood at QR1.41bn on a capital base of QR475.2mn and earnings-per-share was QR0.82 at the end of March 31, 2015.Dlala Brokerage Lower incomes and higher expenses led Dlala Brokerage and Investments Holding Company to report a 62% plunge in year-on-year in net profit to QR6.43mn in January-March this year.Net brokerage and commission income plunged 21% to QR11.03mn, investment income by 66% to QR2.85mn and interest income by 11% to QR0.33mn. Thus, net operating income fell 42% decline to QR14.21mn.General and administrative expenses shot up 9% to QR7.27mn, according to its financial statement.Total assets were worth QR1.04bn, consisting current assets of QR1bn and non-current assets of QR0.04bn.Total equity stood at QR293.46mn on a capital base of QR222mn and earnings-per-share was QR0.29 at the end of first quarter ended March 31, 2015.Qatar Cinema and Film Higher operating earnings and rental income helped Qatar Cinema and Film Distribution Company register 2% gain year-on-year in net profit to QR4.28mn in the first three months of this year.Operating income rose 6% to QR3.27mn; while direct costs fell 3% to QR3.14mn, according to its financial statement. Thus, the company reported QR0.13mn gross operating profit compared to a loss of QR0.16mn in the previous year period.Although dividend income fell 13% to QR2.18mn and other income by 49% to QR0.11mn, its rental income rose less than 1% to QR4.16mn. General and administrative expenses fell 19% to QR1.04mn.Total assets were valued at QR177.2mn, comprising current assets of QR31.71mn and non-current assets of QR145.49mn.Total shareholders’ equity stood at QR143.17mn on a capital base of QR57.1mn and earnings-per-share was QR0.75 at the end of March 31, 2015.