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Delmon Poultry swings to profit in Q4

Delmon Poultry Co. BSC said its fourth-quarter normalized net income was 115,540 Bahraini dinars, compared with a loss of 119,520 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 climbed to 3.2% from negative 4.0% in the year-earlier period.

Total revenue climbed 20.8% on an annual basis to 3.6 million dinars from 3.0 million dinars, and total operating expenses increased 16.4% year over year to 3.7 million dinars from 3.2 million dinars.

Reported net income came to a loss of 202,000 dinars, or a loss of 6.6 fils per share, compared to a loss of 207,620 dinars, or a loss of 6.8 fils per share, in the year-earlier period.

For the year, the company's normalized net income totaled 9,300 dinars, compared with a loss of 640,450 dinars in the prior year.

Full-year total revenue increased 74.5% from the prior-year period to 14.4 million dinars from 8.3 million dinars, and total operating expenses rose 57.7% on an annual basis to 14.9 million dinars from 9.4 million dinars.

The company said reported net income came to a loss of 317,610 dinars, or a loss of 10 fils per share, in the full year, compared with a loss of 1.1 million dinars, or a loss of 36 fils per share, the prior year.

As of Feb. 22, US$1 was equivalent to 380 Bahraini fils.