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Foodico swings to loss in Q1

Ismailia National Co. for Food Industries (Foodico) SAE said its first-quarter normalized net income amounted to a loss of 8 Egyptian piastres per share, compared with 3 piastres per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 716,670 pounds, compared with income of 287,850 pounds in the prior-year period.

The normalized profit margin fell to negative 5.3% from 2.3% in the year-earlier period.

Total revenue rose 6.0% year over year to 13.5 million pounds from 12.8 million pounds, and total operating expenses climbed 17.7% from the prior-year period to 14.6 million pounds from 12.4 million pounds.

Reported net income came to a loss of 1.1 million pounds, or a loss of 13 piastres per share, compared to income of 460,570 pounds, or 5 piastres per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 7.63 Egyptian pounds.