04 July 2005 -

Report Summary

Aksa reported US$ 3 mn net profit in its IFRS financials in 1Q05 vs a net loss of US$ 4 mn in 1Q04 (inf. Adj. CMB financials). The result is worse than our expectations. The lackluster performance of Aksa’s participations had a negative effect on Aksa consolidated figures. Aksa only reported US$ 4 mn operating profit while consolidated results show an operating loss of US$ 7.6 mn.

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