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BMMI profit holds relatively steady YOY in Q1

BMMI B.S.C. said its normalized net income for the first quarter came to 14 Bahraini fils per share, compared with 14 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 1.9 million dinars, compared with 1.9 million dinars in the prior-year period.

The normalized profit margin increased to 8.3% from 7.3% in the year-earlier period.

Total revenue decreased 12.0% on an annual basis to 22.8 million dinars from 25.9 million dinars, and total operating expenses decreased 13.9% from the prior-year period to 20.2 million dinars from 23.5 million dinars.

Reported net income rose from the prior-year period to 3.0 million dinars, or 22 fils per share, from 2.9 million dinars, or 21 fils per share.

As of April 27, US$1 was equivalent to 380 Bahraini fils.