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Delmon Poultry swings to loss in Q1

Delmon Poultry Co. BSC said its first-quarter normalized net income was a loss of 205,630 Bahraini dinars, compared with income of 317,240 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 negative 10.3% from 8.4% in the year-earlier period.

Total revenue declined 46.8% year over year to 2.0 million dinars from 3.8 million dinars, and total operating expenses fell 31.0% from the prior-year period to 2.4 million dinars from 3.5 million dinars.

Reported net income totaled a loss of 345,410 dinars, or a loss of 11 fils per share, compared to income of 489,910 dinars, or 16 fils per share, in the prior-year period.

As of May 11, US$1 was equivalent to 380 Bahraini fils.