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Delmon Poultry swings to profit in Q1

Delmon Poultry Co. BSC said its normalized net income for the first quarter amounted to 91,480 Bahraini dinars, compared with a loss of 205,630 dinars in the prior-year period.

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

The normalized profit margin rose to 2.4% from negative 10.3% in the year-earlier period.

Total revenue climbed 93.0% year over year to 3.9 million dinars from 2.0 million dinars, and total operating expenses increased 57.7% year over year to 3.8 million dinars from 2.4 million dinars.

Reported net income came to 131,080 dinars, or 4 fils per share, compared to a loss of 345,410 dinars, or a loss of 11 fils per share, in the prior-year period.

As of May 11, US$1 was equivalent to 380 Bahraini fils.