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Emirates Refreshments swings to profit in Q1

Emirates Refreshments (P.S.C.) said its first-quarter normalized net income was 2 United Arab Emirates fils per share, compared with a loss of 5 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 727,710 dirhams, compared with a loss of 1.5 million dirhams in the year-earlier period.

The normalized profit margin increased to 4.7% from negative 10.8% in the year-earlier period.

Total revenue rose 8.5% year over year to 15.5 million dirhams from 14.3 million dirhams, and total operating expenses declined 13.6% on an annual basis to 14.5 million dirhams from 16.7 million dirhams.

Reported net income totaled 1.2 million dirhams, or 4 fils per share, compared to a loss of 2.5 million dirhams, or a loss of 8 fils per share, in the year-earlier period.

As of May 12, US$1 was equivalent to 3.67 United Arab Emirates dirhams.