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Delmon Poultry swings to loss in Q3

Delmon Poultry Co. BSC said its normalized net income for the third quarter came to a loss of 114,900 Bahraini dinars, compared with income of 173,800 dinars in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 6.1% from 5.3% in the year-earlier period.

Total revenue declined 42.1% year over year to 1.9 million dinars from 3.3 million dinars, and total operating expenses declined 34.3% on an annual basis to 2.1 million dinars from 3.2 million dinars.

Reported net income came to a loss of 200,230 dinars, or a loss of 7 fils per share, compared to income of 260,410 dinars, or 8 fils per share, in the prior-year period.

As of Nov. 10, US$1 was equivalent to 380 Bahraini fils.