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BMMI Q2 profit falls YOY

BMMI B.S.C. said its second-quarter normalized net income came to 4 Bahraini fils per share, a decrease of 27.7% from 11 fils per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.5 million dinars, a decrease of 27.3% from 2.1 million dinars in the year-earlier period.

The normalized profit margin fell to 6.9% from 7.5% in the year-earlier period.

Total revenue declined 20.6% year over year to 22.2 million dinars from 27.9 million dinars, and total operating expenses decreased 20.3% on an annual basis to 19.9 million dinars from 25.0 million dinars.

Reported net income decreased 30.7% from the prior-year period to 2.3 million dinars, or 9 fils per share, from 3.4 million dinars, or 17 fils per share.

As of Aug. 6, US$1 was equivalent to 380 Bahraini fils.