Bahrain Duty Free posts 12pc decline in profit
Manama, August 12, 2014
Bahrain Duty Free Shop Complex has reported a 12.7 per cent decline in net profit at $4.4 million for the second quarter ended June 30, when compared with the figure for the same quarter last year.
This is due to reduced income from one investment which last year paid out an exceptionally large dividend, said a report in the Gulf Daily News (GDN), our sister publication.
Profit before dividend income saw an increase of 9.1 per cent to $2.9 million versus the same quarter last year.
Passenger volume of 1.6 million was up 14.1 per cent and contributed significantly to the sales performance of $19.5 million increasing 12.1 per cent compared with last year.
Operating costs were also up by 4.3 per cent due to increased marketing activities and additional depreciation charges incurred.
For the six months combined, the net income was $9.3 million, down by 1.7 per cent compared with the same period last year.
Passengers were 3.1 million and ahead of last year by 6.7 per cent.
Sales recorded a total of $36.5 million representing an increase of 10.6 per cent over the first six months of last year.
Earnings per share are down by one per cent on prior year basis at 8.7 cents and total equity on the company's balance sheet stands at $109.9 million.
Chairman Farouk Almoayyed said from an operational perspective, this has been a great quarter and first half where sales have delivered a solid performance exceeding expectations.
Managing director Abdulla Buhindi said the company is well positioned to complete its capital programme in the airport with the next phase due for completion at the end of next month. - TradeArabia News Service