Passenger volume increases by 14.1% on same period last year
Bahrain Duty Free Shop achieved a net profit of $4.4m for the second quarter of 2014 – a decline by 12.7% compared to last year.
This reduction is due to a reduced income from one investment, which in 2013 paid out an exceptionally large dividend.
Profit before dividend income was $2.9m, an increase of 9.1% versus the same quarter last year. Passenger volume of 1.6m was up 14.1% and contributed significantly to the sales performance of $19.5m, increasing 12.1% compared to last year.
Operating costs were also up by 4.3% due to increased marketing activities and additional depreciation charges incurred.
For the six months combined, recorded net income was $9.3m, down by 1.7% when compared to the same period last year.
Passengers were 3.1m and ahead of last year by 6.7%. Sales recorded a total of $36.5m representing an increase of 10.6% over the first six months of 2013. Earnings per share are 8.7cents down by 1% on prior year and total equity on the company’s balance sheet stands at $109.9m.
Chairman Farouk Almoayyed stated that from an operational perspective, this had been a great quarter and first half year where sales had delivered a solid performance exceeding expectations. Managing director Abdulla Buhindi went on to say that the company was well positioned to complete its capital program in the airport with the next phase due for completion at the end of September.