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Bahrain Duty Free Shop Complex BSC Q2 profit falls YOY

Bahrain Duty Free Shop Complex BSC said its second-quarter normalized net income was 973,450 dinars, a decrease of 45.8% from 1.8 million 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 14.3% from 25.0% in the year-earlier period.

Total revenue declined 5.0% year over year to 6.8 million dinars from 7.2 million dinars, and total operating expenses climbed 5.2% year over year to 5.7 million dinars from 5.4 million dinars.

Reported net income declined 45.8% from the prior-year period to 1.6 million dinars, or 11 fils per share, from 2.9 million dinars, or 20 fils per share.

As of Aug. 9, US$1 was equivalent to 380 Bahraini fils.