MANAMA: Trafco Group has reported a net profit of BD646,000 for the first quarter of 2021 as against BD784,000 compared to the first quarter of 2020, with a decrease of 18 per cent.

Diluted earnings per share for the quarter were 9 fils compared to 11 fils during the same period last year.

Total comprehensive income was BD1.35m compared to total comprehensive loss of BD100,000 last year.

Trafco Group chairman Ebrahim Zainal said that due to existing market condition, the performance of subsidiaries, especially Awal Dairy Company, has not been as expected as raw materials and packaging costs have been escalating in the international markets while local selling prices remain unchanged.

“On the other hand, the parent company has done slightly better this quarter,” he added.

Total shareholders’ equity (excluding minority interests) as of end-March 2021 was BD27.10m compared with BD26.86m in the previous year, with an increase of 1pc.

Total assets as of end-March 2021 were BD47.17m compared to BD45.47m in the previous year with an increase of 4pc.

Group CEO Azzam Moutragi said the reason for the increase of total comprehensive income during the quarter was due to drastic increase in the fair value of investments which is also reflected in the assets.

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