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Delmon Poultry swings to loss in Q4

Delmon Poultry Co. BSC said its fourth-quarter normalized net income amounted to a loss of 294,390 Bahraini dinars, compared with income of 252,770 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 dropped to negative 9.8% from 7.0% in the year-earlier period.

Total revenue fell 16.6% year over year to 3.0 million dinars from 3.6 million dinars, and total operating expenses declined 5.8% on an annual basis to 3.2 million dinars from 3.4 million dinars.

Reported net income totaled a loss of 499,050 dinars, or a loss of 16 fils per share, compared to income of 373,980 dinars, or 12 fils per share, in the year-earlier period.

For the year, the company's normalized net income totaled 12 fils per share, a fall of 31.8% from 18 fils per share in the prior year.

Normalized net income was 376,620 dinars, a decline of 31.8% from 552,090 dinars in the prior year.

Full-year total revenue rose 8.3% from the prior-year period to 13.5 million dinars from 12.5 million dinars, and total operating expenses increased 6.8% on an annual basis to 13.2 million dinars from 12.4 million dinars.

The company said reported net income fell 35.4% year over year to 521,550 dinars, or 17 fils per share, in the full year, from 807,600 dinars, or 26 fils per share.

As of Feb. 10, US$1 was equivalent to 380 Bahraini fils.