REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH SAME QUARTER LAST YEAR The main reason for the 7.5% increase in sales in the 2013 4th quarter compared to the same quarter in 2012 is mainly attributed to a higher number of meals served to Saudia and Other Airlines in spite of a steady volume of operated flights and further to a major increase of Golden Lounges Turnover by 35% deriving from capacity extension in terms of number of seats in the lounges. Further to the business development, the increase of 23% in net income is also attributed to significant operating cost savings and staff productivity gains.
REASONS OF INCREASE (DECREASE) FOR PERIOD COMPARED WITH SAME PERIOD LAST YEAR uring the 12 months of the current year, the total revenues increased by 11% compared to the previous year with a major increase of Golden Lounges Turnover by 31%, as well as an increase in the Non Airlines activities by 18%. In spite of significant increase in building rent, the net income increased by 17% as a result of additional non operating revenues, savings in Personnel cost and other operating cost.
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH PREVIOUS QUARTER The decrease of 5% in net income during the 4th quarter of 2013 compared to the previous quarter of the current year is attributed to higher overheads and additional administrative expenses. However, the increase of 4.3% in revenue compared to the previous quarter of the current year is mainly attributed to an increase of Golden Lounges Turnover by 15%, as well as an increase in the Non Airlines activities by 30%.
RECLASSIFICATIONS IN QUARTERLY FINANCIAL RESULTS Certain figures for 2102 have been reclassified to conform with the presentation in the current year.
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