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Emirates Refreshments Q1 loss widens YOY

Emirates Refreshments (P.S.C.) said its first-quarter normalized net income came to a loss of 1.5 million dirhams, compared with a loss of 275,230 dirhams in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 10.8% from negative 1.7% in the year-earlier period.

Total revenue fell 13.9% year over year to 14.3 million dirhams from 16.6 million dirhams, and total operating expenses decreased on an annual basis to 16.7 million dirhams from 17.0 million dirhams.

Reported net income totaled a loss of 2.5 million dirhams, or a loss of 8 fils per share, compared to a loss of 440,360 dirhams, or a loss of 1 fils per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 3.67 United Arab Emirates dirhams.