Bahrain Duty Free Shop Complex (BDFSC) on Wednesday May 7th.reported its financial results for the first quarter ended 31March 2014.
The Company achieved a net profit of $4.8m in the three months ahead of last year when Company earnings were $4.3m. This represents an increase of 11.3%.
Sales recorded in the period were $17.0m ahead of last year by 9%. Passenger volumes remained flat in the quarter at 1.5 million passing through the airport. Despite this, increase spending was achieved by excellent marketing initiatives and shop upgrades all helping to drive up sales. Operating costs climbed by 4.4% due mainly to increased marketing activities and additional depreciation.
Investment income was very strong recording a growth rate of 57.4% in the quarter coming from profits on the disposal of some investments and increased dividends from new equity stocks. Earnings per share were 4.5 cents.Total Equity on Company’s Balance Sheet stands at US$106.4m down 3.6% due to dividend distribution in March.
Managing Director Mr. Abdulla Buhindi said the Company had performed very well despite some difficult operating challenges. He also commented that “The Company is currently working on several projects at the Airport to upgrade shops in line with the strategy to provide high levels of efficiency and excellent services to travelers.”