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Delmon Poultry swings to loss in Q2

Delmon Poultry Co. BSC said its normalized net income for the second quarter was a loss of 200,400 Bahraini dinars, compared with income of 179,970 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 declined to negative 14.3% from 5.2% in the year-earlier period.

Total revenue declined 59.4% year over year to 1.4 million dinars from 3.4 million dinars, and total operating expenses declined 47.5% on an annual basis to 1.7 million dinars from 3.3 million dinars.

Reported net income came to a loss of 337,040 dinars, or a loss of 11 fils per share, compared to income of 270,280 dinars, or 9 fils per share, in the year-earlier period.

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