Bahrain Cinema records 32 percent revenue growth in 1H 2002
The Bahrain Cinema Company recorded a 32 percent revenue growth in the first half of 2002. However, the gains were cancelled out by a 43 percent rise in operating costs during the same period, reported the Bahrain Securities & Investment Company. The company managed to post a 19 percent increase in net profits to 600,000 Bahraini dinars ($1.6 million).
Margin contraction hindered the company’s financial performance as gross margins declined to 27 percent in the first six months of the year, compared to 31 percent in the corresponding period last year.
Other income increased by 22.2 percent in the first half of the year to BD 400,000 million, while losses in associates were reduced to BD 13,580. Bahrain Cinema experienced a 22 percent increase in total expenses as a result of an 86 percent jump in financial charges and a 9.6 percent rise in G&A expenses.
The Bahrain Cinema Company was founded in 1967 with a paid-up capital of 500,000 distributed over 50,000 shares. The Company commenced operations following the acquisition of the Awal, Bahrain and Al Nasr cinemas. — (menareport.com)
© 2002 Mena Report (www.menareport.com)