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Gulfa Mineral Water & Processing Q1 profit falls YOY

Gulfa Mineral Water & Processing Industries Co. PLC said its first-quarter normalized net income came to 2 United Arab Emirates fils per share, a decline of 50.6% from 5 fils per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 743,750 dirhams, a decline of 50.6% from 1.5 million dirhams in the prior-year period.

The normalized profit margin fell to 6.2% from 10.8% in the year-earlier period.

Total revenue fell 14.0% year over year to 12.0 million dirhams from 13.9 million dirhams, and total operating expenses fell 7.6% on an annual basis to 11.0 million dirhams from 11.9 million dirhams.

Reported net income fell 63.8% from the prior-year period to 690,000 dirhams, or 2 fils per share, from 1.9 million dirhams, or 6 fils per share.

As of May 12, US$1 was equivalent to 3.67 United Arab Emirates dirhams.