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Emirates Refreshments Q2 profit falls YOY

Emirates Refreshments (P.S.C.) said its normalized net income for the second quarter came to 4 United Arab Emirates fils per share, a decline of 39.1% from 6 fils per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.0 million dirhams, a decrease of 39.1% from 1.7 million dirhams in the prior-year period.

The normalized profit margin dropped to 6.4% from 8.6% in the year-earlier period.

Total revenue fell 19.2% year over year to 16.2 million dirhams from 20.1 million dirhams, and total operating expenses declined 15.6% on an annual basis to 14.7 million dirhams from 17.4 million dirhams.

Reported net income decreased 39.1% year over year to 1.7 million dirhams, or 6 fils per share, from 2.7 million dirhams, or 9 fils per share.

As of Aug. 9, US$1 was equivalent to 3.67 United Arab Emirates dirhams.