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AL MAZAYA HOLDING COMPANY
K.S.C.
(HOLDING) AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31,2010
(All amounts are in Kuwaiti Dinars)
Notes
2010
2009
--
Gross profit
21
4.475,217
12,182,475
Rental income
919,643
Management fees, commission and consultancy income
22
1,687,125
1,056,870
Net investment (loss) income
23
(1,725,645)
428,031
Group's share of results from associates
7
(493,477)
48,811
Gain from sale of an associate
7
546,743
Dilution gain
7
134,620
Group's share of results from joint ventures
8
(177,737)
(226,592)
Loss on partial disposal of a subsidiary
(568,002)
Gain on waiver of capital subscription
4
7,308,045
Provisions no longer required
24
349,901
8,255,715
Murabaha income
131,077
45,637
Interest income
519,122
717,726
Other income
280,957
747,065
Impairment losses for properties held for trading
5
(1,912,000)
Changes in fair value of investment properties
9
(8,863,029)
(16,028,799)
Provisions for doubtful accounts
4
(158,565)
(800,889)
General and administrative expenses
(2,797,760)
(3,250,588)
Marketing expenses
(213,584)
(206,303)
Expenses related to equity settled share based payments
(122,543)
Depreciation and amortization
25
(371,274)
(385,567)
Expenses on completed projects
(77,285)
(43,917)
Foreign currency exchange differences
114,662
(774,095)
Finance charges
(2,670,351 )
(2,386,362)
Net (loss) profit for the year
(10,301,640)
5,996,718
Attributable to:
Equity holders of the Parent Company
(8,609,811 )
5,153,053
Non-controlling interests
(1,691,829)
843,665
Net (loss) profit for the year
(10,301,640)
5,996,718
Fils
Fils
(Loss) Earnings per share attributable to equity holders of the
Parent Company
27
(18.38)
11.46
The accompanying notes (1) to (36) form an integral part of the consolidated financial statements
4