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BMMI Q1 profit falls YOY

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BMMI Q1 profit falls YOY

BMMI B.S.C. said its normalized net income for the first quarter amounted to 11 Bahraini fils per share, a decrease of 12.0% from 13 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 1.6 million dinars, a decline of 12.1% from 1.8 million dinars in the year-earlier period.

The normalized profit margin dropped to 6.4% from 7.5% in the year-earlier period.

Total revenue rose year over year to 24.2 million dinars from 23.5 million dinars, and total operating expenses increased 8.6% on an annual basis to 22.8 million dinars from 21.0 million dinars.

Reported net income decreased 21.5% from the prior-year period to 2.1 million dinars, or 15 fils per share, from 2.7 million dinars, or 20 fils per share.

As of April 27, US$1 was equivalent to 380 Bahraini fils.