Bahrain Duty Free Shop Complex BSC said its normalized net income for the fourth quarter was 1.1 million dinars, a fall of 36.2% from 1.8 million dinars in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to 15.9% from 24.3% in the year-earlier period.
Total revenue came to 7.4 million dinars, compared with 7.4 million dinars in the year-earlier period, and total operating expenses rose from the prior-year period to 6.4 million dinars from 6.3 million dinars.
Reported net income decreased 35.3% year over year to 1.8 million dinars, or 13 fils per share, from 2.8 million dinars, or 20 fils per share.
For the year, the company's normalized net income totaled 39 fils per share, a gain from 38 fils per share in the prior year.
Normalized net income was 5.6 million dinars, an increase from 5.4 million dinars in the prior year.
Full-year total revenue rose from the prior-year period to 29.0 million dinars from 28.1 million dinars, and total operating expenses increased on an annual basis to 23.8 million dinars from 23.6 million dinars.
The company said reported net income grew year over year to 9.0 million dinars, or 63 fils per share, in the full year, from 8.6 million dinars, or 60 fils per share.
As of Feb. 10, US$1 was equivalent to 380 Bahraini fils.