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Bahrain Family Leisure swings to profit in Q4

Bahrain Family Leisure Co. BSC said its normalized net income for the fourth quarter amounted to 10,640 Bahraini dinars, compared with a loss of 17,540 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 rose to 3.2% from negative 5.8% in the year-earlier period.

Total revenue increased 9.1% year over year to 332,270 dinars from 304,540 dinars, and total operating expenses fell on an annual basis to 320,390 dinars from 333,520 dinars.

Reported net income came to 246,440 dinars, or 7 fils per share, compared to a loss of 761,510 dinars, or a loss of 21 fils per share, in the year-earlier period.

For the year, the company's normalized net income totaled 123,720 dinars, a rise from 49,750 dinars in the prior year.

Full-year total revenue decreased on an annual basis to 1.2 million dinars from 1.3 million dinars, and total operating expenses decreased 10.8% year over year to 1.3 million dinars from 1.4 million dinars.

The company said reported net income totaled 155,630 dinars, or 4 fils per share, in the full year, compared with a loss of 1.1 million dinars, or a loss of 30 fils per share, the prior year.

As of Feb. 20, US$1 was equivalent to 380 Bahraini fils.