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Ras Al Khaimah Q2 profit falls YOY

Ras Al Khaimah Poultry & Feeding Co. PSC said its second-quarter normalized net income was 4 United Arab Emirates fils per share, a decrease of 26.8% from 5 fils per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.4 million dirhams, a decline of 26.8% from 4.6 million dirhams in the prior-year period.

The normalized profit margin climbed to 37.0% from 25.6% in the year-earlier period.

Total revenue fell 49.4% on an annual basis to 9.2 million dirhams from 18.2 million dirhams, and total operating expenses fell 43.0% from the prior-year period to 9.5 million dirhams from 16.6 million dirhams.

Reported net income declined 27.6% year over year to 5.4 million dirhams, or 6 fils per share, from 7.5 million dirhams, or 9 fils per share.

As of Aug. 1, US$1 was equivalent to 3.67 United Arab Emirates dirhams.