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AL MAZAYA HOLDING COMPANY K.S.C. (HOLDING) AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
MARCH 31,2009
(All amounts are in Kuwaiti Dinars)
10.
Treasury shares
December
31,
March
31,
2008
March
31,
2009
(Audited}
2008
Number of shares (shares)
44,767,154
42,847,154
4,382,154
Percentage of issued shares
(%)
9.86%
9.44%
1.16%
Market value (KD)
6,625,539
13,496,854
3,768,652
Cost (KD)
28,396,237
28,049,447
2,027,624
11.
Profit from sale of QroQertiesunder develoQment
Three months ended March
31 ,
2008
2009
(Restated}
Revenue from sale of properties underdevelopment
9,112,143
11,397,851
Cost of sale of properties under development
(7,273,412}
(5,987,827}
Profit from sale of properties under development
1,838,731
5,410,024
12.
Profit from sale of QroQertiesheld for trading
Revenue from sale of properties held for trading
Cost of sale of properties held for trading
Profit from sale of properties held for trading
Three months ended March
31,
2009
2008
13,342,034
10,412,570
(6,341,626}
(6,845,893)
7,000,408
3,566,677
During
2008,
one of the subsidiaries sold
80%
of a major project located in Dubai with an approximate
amount of AED
1.64
Billion, equivalent to KD
119
Million. The realized revenue and profit arising from this
sale transaction recognized in the consolidated statement of income during
2008
amounted to KD
47,734,956
and KD
28,945,059
respectively, representing
40%
of the total revenue and profit.
During the current period and due to global crisis, the Group entered into a settlement agreement with the
purchasing party to complete only
50%
of the transaction equivalent to
40%
of the project, which has
adjusted the total selling amount to AED
820
Million, equivalent to KD
60
Million.
The realized revenue and profit on this settlement agreement amounted to KD
13,036,892
and
KD
6,979,156
respectively, which had been recognized in the current period interim condensed
consolidated statement of income with a cost amounting to KD
6,057,736.
Subsequent to the financial position date, the Group collected KD
13,036,892
which represents the
remaining value of the sale transaction (Note 4).
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