Bahrain Duty Free reports a net income of 9.3 Million US$ Dollars for the first half of 2014

By Charlotte Turner |

Bahrain Duty Free Shop Complex posted a decline in net profit of 12.7% to US$4.4m for the second quarter ended June 30 2014, attributed to a ‘reduced income from an investment, which in 2013 paid out an exceptionally large dividend’.

 

Profit before dividend income was US$2.9m an increase of 9.1% versus the same quarter last year. Passenger volume was up 14.1% to 1.6m and contributed significantly to BDF’s sales of US$19.5m; an increase of 12.1% YOY.

 

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 US$9.3m, down by 1.7% when compared to the same period last year. Passengers were up 6.7% to 3.1m. Sales totalled US$36.5m representing an increase of 10.6% over the first six months of 2013.

 

Chairman Farouk Almoayyed said that from an operational perspective, this had been a ‘great quarter’ and the first half ‘delivered a solid performance exceeding expectations’.

 

Managing Director Abdulla Buhindi went on to say that the Company is well positioned to complete its capital programme in the airport with the next phase due for completion at the end of September.

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