Bahrain Duty Free Shop Complex BSC said its first-quarter normalized net income amounted to 1.2 million Bahraini dinars, a decline of 16.5% from 1.5 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 fell to 17.5% from 22.7% in the year-earlier period.

Total revenue climbed 8.5% on an annual basis to 7.0 million dinars from 6.5 million dinars, and total operating expenses climbed 8.5% year over year to 5.9 million dinars from 5.4 million dinars.

Reported net income decreased 22.8% on an annual basis to 1.8 million dinars, or 13 fils per share, from 2.3 million dinars, or 17 fils per share.

As of May 11, US$1 was equivalent to 380 Bahraini fils.