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Bahrain Duty Free Shop Complex BSC Q4 profit falls YOY

Bahrain Duty Free Shop Complex BSC said its fourth-quarter normalized net income came to 874,240 Bahraini dinars, a fall of 52.9% from 1.9 million 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 dropped to 10.3% from 25.3% in the year-earlier period.

Total revenue climbed 16.0% year over year to 8.5 million dinars from 7.3 million dinars, and total operating expenses increased 26.7% from the prior-year period to 7.6 million dinars from 6.0 million dinars.

Reported net income fell 58.4% year over year to 1.2 million dinars, or 9 fils per share, from 3.0 million dinars, or 21 fils per share.

For the year, the company's normalized net income totaled 32 fils per share, a decline of 15.0% from 38 fils per share in the prior year.

Normalized net income was 4.6 million dinars, a fall of 15.0% from 5.4 million dinars in the prior year.

Full-year total revenue rose 10.8% from the prior-year period to 32.0 million dinars from 28.9 million dinars, and total operating expenses increased 13.6% on an annual basis to 26.9 million dinars from 23.7 million dinars.

The company said reported net income decreased 14.9% year over year to 7.1 million dinars, or 50 fils per share, in the full year, from 8.3 million dinars, or 59 fils per share.

As of Feb. 21, US$1 was equivalent to 380 Bahraini fils.