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Bahrain Flour Mills Q4 profit falls YOY

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Bahrain Flour Mills Q4 profit falls YOY

Bahrain Flour Mills Co. BSC said its fourth-quarter normalized net income amounted to 155,620 Bahraini dinars, a decline of 31.9% from 228,570 dinars in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 8.8% from 13.7% in the year-earlier period.

Total revenue grew 6.4% year over year to 1.8 million dinars from 1.7 million dinars, and total operating expenses increased 12.0% on an annual basis to 1.7 million dinars from 1.6 million dinars.

Reported net income fell 43.0% from the prior-year period to 208,450 dinars, or 8 fils per share, from 365,700 dinars, or 15 fils per share.

For the year, the company's normalized net income totaled 127 fils per share, a gain from 21 fils per share in the prior year.

Normalized net income was 3.2 million dinars, an increase from 523,450 dinars in the prior year.

Full-year total revenue grew 8.1% on an annual basis to 7.0 million dinars from 6.5 million dinars, and total operating expenses grew year over year to 6.6 million dinars from 6.3 million dinars.

The company said reported net income rose on an annual basis to 5.0 million dinars, or 202 fils per share, in the full year, from 803,070 dinars, or 32 fils per share.

As of Feb. 14, US$1 was equivalent to 380 Bahraini fils.