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Farouk Yousuf Al Moayyed

Bahrain Duty Free posts $4.8m Q1 profit

MANAMA, May 10, 2016

Bahrain Duty Free Complex achieved a net profit of $4.787 million in the first quarter of this year, a 22.5 per cent decline compared with last year's earnings of $6.181 million, a company statement said.

The main reason for the decrease relates to a fall in investment income where a one-off profit was realized last year on the disposal of an investment asset. Basic earnings per share amounted to 3.7 US cents compared 4.8 US cents last year, it said.

Farouk Yousuf Almoayyed, chairman, stated following a board meeting today (May 10) that total sales for the three months ended March 2016 increased by 8.5 per cent to $18.56 million compared with $17.11 million last year, an increase of $1.45 million.

Shareholders equity is $123.729 million compared to $129.564 million last year. The reduction in equity is mainly due to a dividend payment during the quarter.

Abdulla Buhindi, managing driector, added that investment income in the period was $2.1 million compared to $3.232 million last year, a decline of $1,131 million or 35 per cent due to sale of an ivestment asset last year. The overall Investment portfolio increased by 13 per cent to $81.64 million.

He said the company is on track to start upgrading all shops in the departures area this year. - TradeArabia News Service
 




Tags: profit | Bahrain Duty Free |

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