Knowledge Economic City Company posted net loss of SR9.3 million in the second quarter compared to a gain of SR20.2 million for the first quarter 2011, due to the absence of sales in the second quarter, the company said in a statement on Tadawul website Tuesday. Net loss is due to the absence of sales in the second quarter, while the net loss of SR134.7.4 million during the period from July 27, 2010 (the date of the ministerial decree announcing the establishment of the company) till June 30, 2011 is attributed to the write-off for the entire pre-incorporation expenses amounting to SR128.6 million, the statement said. Knowledge Economic City is among the economic cities launched to enhance economic knowledge through building a master-planned city featuring integrated infrastructure that benefits from the unique characteristics of Madina to attract knowledge & economic investments. It's also an addition to the real estate market in Madina as it includes residential, commercial and hospitality sectors for Madina's visitors due to its proximity to the Holy Mosque, Al Haramin High Speed Train Station, and Prince Mohammed Bin Abdul Aziz International Airport. Sami Baroum, KEC chairman of the board, said recently in announcing the results in the first quarter that positive income for that period was in part, came from selling part of land by KEC to the KEC Real Estate Limited Company which has a tie up with the Saudi Real Estate Company. The Saudi Real Estate Company is responsible for developing and selling the first phase of a villa community.
