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Bahrain Family Leisure swings to loss in Q4

Bahrain Family Leisure Co. BSC said its normalized net income for the fourth quarter was a loss of 48,770 Bahraini dinars, compared with income of 10,640 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 fell to negative 12.4% from 3.2% in the year-earlier period.

Total revenue climbed 18.7% year over year to 394,540 dinars from 332,270 dinars, and total operating expenses grew 47.7% on an annual basis to 473,110 dinars from 320,390 dinars.

Reported net income totaled a loss of 249,400 dinars, or a loss of 7 fils per share, compared to income of 246,440 dinars, or 7 fils per share, in the prior-year period.

For the year, the company's normalized net income totaled 68,220 dinars, a fall of 44.9% from 123,720 dinars in the prior year.

Full-year total revenue grew 8.0% from the prior-year period to 1.3 million dinars from 1.2 million dinars, and total operating expenses rose 14.1% on an annual basis to 1.5 million dinars from 1.3 million dinars.

The company said reported net income rose year over year to 1.0 million dinars, or 28 fils per share, in the full year, from 155,630 dinars, or 4 fils per share.

As of Feb. 15, US$1 was equivalent to 380 Bahraini fils.