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BMMI Q4 profit falls YOY

BMMI B.S.C. said its normalized net income for the fourth quarter was 14 Bahraini fils per share, a decline of 18.4% from 17 fils per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.9 million dinars, a decrease of 18.4% from 2.3 million dinars in the prior-year period.

The normalized profit margin dropped to 6.8% from 9.1% in the year-earlier period.

Total revenue grew 8.6% on an annual basis to 27.8 million dinars from 25.6 million dinars, and total operating expenses rose 14.0% year over year to 26.0 million dinars from 22.8 million dinars.

Reported net income rose 9.9% year over year to 2.9 million dinars, or 21 fils per share, from 2.6 million dinars, or 19 fils per share.

For the year, the company's normalized net income totaled 43.5 fils per share, compared with 43.4 fils per share in the prior year.

Normalized net income was 6.0 million dinars, compared with 6.0 million dinars in the prior year.

Full-year total revenue increased 5.5% from the prior-year period to 101.8 million dinars from 96.5 million dinars, and total operating expenses grew 6.5% year over year to 95.5 million dinars from 89.7 million dinars.

The company said reported net income fell 8.6% on an annual basis to 8.6 million dinars, or 62 fils per share, in the full year, from 9.4 million dinars, or 68 fils per share.

As of Feb. 13, US$1 was equivalent to 380 Bahraini fils.