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Al Arafa for Investment & Consultancies fiscal Q1 profit falls YOY

Al Arafa for Investment & Consultancies Co. (SAE) said its normalized net income for the fiscal first quarter ended April 30 came to $672,380, a decline of 22.5% from $868,040 in the prior-year period.

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

The normalized profit margin declined to 1.2% from 1.6% in the year-earlier period.

Total revenue climbed 6.5% on an annual basis to $56.9 million from $53.4 million, and total operating expenses rose 12.7% year over year to $54.4 million from $48.3 million.

Reported net income totaled $962,710, compared with $1.3 million, or 0 cents per share, in the prior-year period.