18 February 2007
The board of Bahrain Cinema Company (CINECO) which met yesterday ratified a 15 per cent increase in shareholders equity taking the total figure to BD28.7 million at the end of 2006. The meeting also approved the cash dividend of 50 per cent of the total shareholders' equity.
The board meeting also reviewed the financial results for 2006. Shareholders' total equity at the end of 2005 stood at BD25 million which has been increased to BD28.748 million.
The company had announced the net profits of BD 2.38 million during the year as well as accumulated profits of BD 9.197 million over the previous years. The board was told that BD11.58 million will be available for appropriations in which cash dividends of 50 fils per share will be distributed among the shareholders
According to the financial statement, the company saw a 21 per cent increase in its operating profits from BD1.81million in 2005 to BD 2.19 million in 2006. The increase in profits was attributable to cinema operations and joint venture projects amounted to BD403,179 in 2006 compared to BD303,343 a year earlier, an increase of 33 per cent. The report showed a decrease in unrealised profits by BD2.46 million in 2005 to BD 1.78 million in 2006.
The company also announced a drop in net profits from BD4.83 million in 2005 to BD 2.38 million in 2006 as a result of a decline of the share value to 65 fils per share in 2006 as compared to 146 fils per share in 2005. The decline was a result of a drop in the Gulf stock markets.
The meeting, chaired by CINECO chairman Ali bin Yousif Fakhro, was addressed by managing director Dr Esam Fakhro and general manager Ahmed A. Rashed. Dr Esam Fakhro said: "Our performance constitutes a significant achievement in terms of value as well as the quality of our earnings. This has enabled us to strengthen an exceptionally strong culture of delivering ultimate value to customers."
The board of Bahrain Cinema Company (CINECO) which met yesterday ratified a 15 per cent increase in shareholders equity taking the total figure to BD28.7 million at the end of 2006. The meeting also approved the cash dividend of 50 per cent of the total shareholders' equity.
The board meeting also reviewed the financial results for 2006. Shareholders' total equity at the end of 2005 stood at BD25 million which has been increased to BD28.748 million.
The company had announced the net profits of BD 2.38 million during the year as well as accumulated profits of BD 9.197 million over the previous years. The board was told that BD11.58 million will be available for appropriations in which cash dividends of 50 fils per share will be distributed among the shareholders
According to the financial statement, the company saw a 21 per cent increase in its operating profits from BD1.81million in 2005 to BD 2.19 million in 2006. The increase in profits was attributable to cinema operations and joint venture projects amounted to BD403,179 in 2006 compared to BD303,343 a year earlier, an increase of 33 per cent. The report showed a decrease in unrealised profits by BD2.46 million in 2005 to BD 1.78 million in 2006.
The company also announced a drop in net profits from BD4.83 million in 2005 to BD 2.38 million in 2006 as a result of a decline of the share value to 65 fils per share in 2006 as compared to 146 fils per share in 2005. The decline was a result of a drop in the Gulf stock markets.
The meeting, chaired by CINECO chairman Ali bin Yousif Fakhro, was addressed by managing director Dr Esam Fakhro and general manager Ahmed A. Rashed. Dr Esam Fakhro said: "Our performance constitutes a significant achievement in terms of value as well as the quality of our earnings. This has enabled us to strengthen an exceptionally strong culture of delivering ultimate value to customers."
By Mehmood Rafique Business Correspondent
© Bahrain Tribune 2007
