Bahrain Duty Free Complex achieved a net profit of $14.2 million during the first nine months of the year, a 24.5 per cent decline compared with last year's earnings of $18.8 million, the company said in a statement.

The main reason for the decrease relates to a fall in investment income where a one-off profit was realised last year on the disposal of an investment asset, Farouk Yousuf Al Moayyed - chairman of the Board - had stated. Basic earnings per share amounted to 11 US cents compared 14.6 US cents last year.

Total sales for the nine months ended September 30, 2016 were $57.09 million, an increase of 2.7 per cent compared to $55.5 million last year.

Shareholders Equity is $126.05 million compared to $129.5 million last year. The reduction in equity is mainly due to a dividend payment during the year.

In Q3, sales recorded were $20.3 million compared to $19.5 million last year, moving up by 4 per cent. Net Profits were $5.3 million compared to $5.05 million, which is an increase of 6.7 per cent.
 
Abdulla Buhindi, managing director of Bahrain Duty Free, said: "Profit from investments recorded an amount of $3.7 million compared to $7.3 million last year, representing a decline of 49.4 per cent due to profits earned last year on the sale of an investment property. The investment portfolio increased by 13.8 pre cent to $82.2 million."

He added:" The company has started the planned upgrading of all shops in the departures area, which is in line with the company’s strategy to provide the customers with a better shopping experience at the Bahrain International Airport."

«Candy Cloud» the store which is a home to top toys and confectionery brands was opened in September. - TradeArabia News Service