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Société des Bains de Mer fiscal H1 profit climbs 65.4% YOY

Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco said its normalized net income for the fiscal first half ended Sept. 30 came to €1.54 per share, an increase of 65.4% from 93 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €27.9 million, a gain of 65.4% from €16.9 million in the year-earlier period.

Total revenue climbed year over year to €313.9 million from €309.5 million, and total operating expenses declined on an annual basis to €271.4 million from €279.3 million.

Reported net income grew 34.7% year over year to €80.8 million, or €4.45 per share, from €60.0 million, or €3.30 per share.