INOVEST posts $10.17m net profit in first half

Manama : INOVEST has reported a consolidated net profit of $10.166 million for the first half of 2018, a 41 per cent decline as compared to $17.267 million for the same period last year. The decline is mainly the result of higher recoveries from impaired receivables booked during the first half of 2017 vis-a-vis the same period of 2018. Accordingly, Earnings Per Share attributable to the equity shareholders of the parent company for the first half of 2018 amounted to US cents 3.59 as compared to US cents 6.06 for the same period in 2017.

As a positive and healthy indicator, the consolidated net operating profit increased by 11 per cent, reaching $9.824 million during the first half of 2018 in comparison to $8.886 million for the same period of 2017. Also, the total operating income increased by 9 per cent from $14.898 million for the six-month period ended 30 June 2018 to $13.661 million for the same period of last year.

The consolidated operating expenses increased from $4.775 million in the first half of 2017 to $5.074 million for the same period of 2018, representing an increase of 6 per cent, which is due to the increase in the operating expenses from managing additional properties. The equity attributable to parent shareholders, increased by 8 per cent to stand at $132.690 million at the end of the first half of 2018 in comparison to $122.400 million at 2017 year-end. As of 30 June 2018, INOVEST reported consolidated total assets of $268.327 million, representing slight increase by 1 per cent during the first half of 2018 in comparison to $265.354 million as of 2017 year-end.