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According to the company, 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. Basic earnings per share amounted to 6.9 US cents compared 10.7 US cents last year.
Total sales for the six-month period were $36.66m compared to $35.99m last year, an increase of $669,000 or 1.9%. Shareholders equity is $128,26m compared to $29.56m last year. BDF said the reduction in equity was mainly due to a dividend payment during the year.
Net profits during the six-month period were $4.13m compared to $7.62m, a decrease of 45.8 %. BDF indicated this was mainly due to a fall in investment income where a one-off profit on disposal of an investment asset last year occurred. Sales recorded were $18.1m compared to $19.04m, a decrease of 5%.
Commenting on the results, Al Moayyed, said the Board of Directors had recommended a cash dividend of 20% to the shareholders valued at 5.3 US cents per share.
BDF managing director Abdulla Buhindi added profit from investments was $2.75m compared to $5.73m last year, representing a decline of $2.98m or 52% due to profits earned last year on the sale of an investment property.
The investment portfolio increased 14.9 % to $83.63m. Buhindi went on to say the company has started the planned upgrade of all shops in the departures area, consistent with the company’s strategy to provide customers with a better shopping experience at the Bahrain International airport.
