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Gulfa Mineral Water & Processing Q2 profit falls YOY

Gulfa Mineral Water & Processing Industries Co. PLC said its normalized net income for the second quarter came to 4 United Arab Emirates fils per share, a decrease of 83.2% from 25 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 1.2 million dirhams, a decrease of 35.1% from 1.9 million dirhams in the year-earlier period.

The normalized profit margin fell to 10.5% from 12.4% in the year-earlier period.

Total revenue decreased 16.2% year over year to 12.9 million dirhams from 15.4 million dirhams, and total operating expenses decreased 10.5% from the prior-year period to 11.3 million dirhams from 12.6 million dirhams.

Reported net income fell 41.9% from the prior-year period to 1.5 million dirhams, or 5 fils per share, from 2.6 million dirhams, or 33 fils per share.

As of Aug. 9, US$1 was equivalent to 3.67 United Arab Emirates dirhams.