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Emirates Refreshments Q3 profit falls YOY

Emirates Refreshments (P.S.C.) said its third-quarter normalized net income amounted to 1 United Arab Emirates fils per share, a decrease of 78.6% from 6 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 418,800 dirhams, a decrease of 78.4% from 1.9 million dirhams in the prior-year period.

The normalized profit margin dropped to 2.7% from 10.0% in the year-earlier period.

Total revenue fell 19.6% on an annual basis to 15.5 million dirhams from 19.3 million dirhams, and total operating expenses fell 8.7% year over year to 15.0 million dirhams from 16.4 million dirhams.

Reported net income declined 72.9% year over year to 670,080 dirhams, or 2 fils per share, from 2.5 million dirhams, or 8 fils per share.

As of Nov. 11, US$1 was equivalent to 3.67 United Arab Emirates dirhams.