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Gulfa Mineral Water & Processing swings to loss in Q4

Gulfa Mineral Water & Processing Industries Co. PLC said its normalized net income for the fourth quarter was a loss of 6 United Arab Emirates fils per share, compared with 3 fils per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.7 million dirhams, compared with income of 851,120 dirhams in the year-earlier period.

The normalized profit margin dropped to negative 14.0% from 6.3% in the year-earlier period.

Total revenue declined 9.5% on an annual basis to 12.2 million dirhams from 13.5 million dirhams, and total operating expenses rose 20.9% year over year to 15.0 million dirhams from 12.4 million dirhams.

Reported net income came to a loss of 3.2 million dirhams, or a loss of 11 fils per share, compared to income of 800,510 dirhams, or 3 fils per share, in the year-earlier period.

For the year, the company's normalized net income totaled 6 fils per share, a decline of 64.1% from 18 fils per share in the prior year.

Normalized net income was 1.9 million dirhams, a decrease of 64.1% from 5.3 million dirhams in the prior year.

Full-year total revenue fell 11.1% from the prior-year period to 53.3 million dirhams from 60.0 million dirhams, and total operating expenses decreased on an annual basis to 50.8 million dirhams from 52.5 million dirhams.

The company said reported net income decreased 83.7% on an annual basis to 1.0 million dirhams, or 3 fils per share, in the full year, from 6.4 million dirhams, or 21 fils per share.

As of Jan. 29, US$1 was equivalent to 3.67 United Arab Emirates dirhams.