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Arab Dairy Products swings to profit in Q3

Arab Dairy Products Co. LLC said its third-quarter normalized net income amounted to 124,100 pounds, compared with a loss of 1.8 million pounds in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 0.1% from negative 1.1% in the year-earlier period.

Total revenue fell 28.8% year over year to 122.0 million pounds from 171.3 million pounds, and total operating expenses fell 28.8% on an annual basis to 120.9 million pounds from 169.8 million pounds.

Reported net income totaled 1.9 million pounds, or 3 piastres per share, compared to a loss of 1.4 million pounds, or a loss of 2 piastres per share, in the prior-year period.

As of Nov. 11, US$1 was equivalent to 7.83 Egyptian pounds.