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Gulfa Mineral Water & Processing Q2 profit climbs YOY

Gulfa Mineral Water & Processing Industries Co. PLC said its second-quarter normalized net income came to 6 United Arab Emirates fils per share, a gain from 6 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 dirhams, a gain from 1.9 million dirhams in the prior-year period.

The normalized profit margin increased to 12.4% from 10.3% in the year-earlier period.

Total revenue declined 15.5% year over year to 15.4 million dirhams from 18.3 million dirhams, and total operating expenses decreased 17.9% from the prior-year period to 12.6 million dirhams from 15.3 million dirhams.

Reported net income grew year over year to 2.6 million dirhams, or 9 fils per share, from 2.5 million dirhams, or 8 fils per share.

As of Aug. 6, US$1 was equivalent to 3.67 United Arab Emirates dirhams.