Bahrain Duty Free income tops $9.3m

12/08/2014 08:55 AST

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.

Profit before dividend income saw an increase of 9.1pc to $2.9m versus the same quarter last year.

Passenger volume of 1.6m was up 14.1pc and contributed significantly to the sales performance of $19.5m increasing 12.1pc compared with last year.

Operating costs were also up by 4.3pc due to increased marketing activities and additional depreciation charges incurred.

For the six months combined, the net income was $9.3m, down by 1.7pc compared with the same period last year.

Passengers were 3.1m and ahead of last year by 6.7pc.

Sales recorded a total of $36.5m representing an increase of 10.6pc over the first six months of last year.

Earnings per share are down by 1pc on prior year basis at 8.7 cents and total equity on the company's balance sheet stands at $109.9m.

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.

Gulf Daily News