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AL MAZAYA HOLDING COMPANY K.S.c. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
For the year ended 31 December 20 II
MAlAYA
AIMTOlfAD
31 December
31 December
2010
Notes
2011
{Restated)
KD
KD
INCOME
Revenue from sale of properties held for
trading
84,842,960
9,161,198
Rental income
1,608,759
944,213
Management fees, commission and consultancy income
1,234,150
1,950,669
87,685,869
12,056,080
Cost of sale of properties held for trading
8
(59,361,095)
(7,330,468)
Direct operating expenses on investment properties
(767,490)
(538,930)
Cost of management fees and consultancy services
(21,381)
(263,544)
(60,149,966)
(8,132,942)
Gross profit
27,535,903
3,923,138
Change in fair value of investment properties
12
(11,239,341)
(8,935,807)
Impairment on properties held for trading
8
(18,760,205)
(1,912,000)
Allowance for doubtful debts
(9,647,663)
(158,564)
Marketing expenses
(107,000)
(280,228)
Group's share of results from associates including provision
10
(171,153)
(493,477)
Group's share of results from joint ventures
Il
(284,018)
(177,737)
Loss on sale of a joint venture
(18,061)
Operating loss
(12,691,538)
(8,034,675)
General and administrative expenses
(2,401,024)
(1,992,391)
Professional services fees
(267,407)
(368,794)
Depreciation and amortization
(202,093)
(298,496)
Foreign currency exchange differences
257,308
114,662
Net investment loss
20
(100,839)
(1,725,645)
Gain from sale of an associate
546,743
Dilution gain
134,620
Provisions no longer required
349,901
Murabahaincome
75,268
131,077
Interest income
187,838
519,122
Other (loss)/income
(272,853)
281,457
Finance charges
(3,409,445)
(2,670,351)
(6,133,247)
(4,978,095)
Loss for the year
(18,824,785)
(13,012,770)
Attributable to:
Equity holders of the Parent Company
(15,842,218)
(11,320,941 )
Non-controlling interests
(2,982,567)
(1,691,829)
Loss profit for the year
(18,824,785)
(13,012,770)
Loss per share attributable to equity holders of the Parent Company 21
(28.24) fils
(24.26) fils
The accompanying notes set out on pages 9 to 41 form an integral part of these consolidated financial statements.
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