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Foodico swings to loss in Q3

Ismailia National Co. for Food Industries (Foodico) SAE said its third-quarter normalized net income amounted to a loss of 582,340 pounds, compared with income of 10,270 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 dropped to negative 7.7% from 0.1% in the year-earlier period.

Total revenue rose 7.4% on an annual basis to 15.8 million pounds from 14.7 million pounds, and total operating expenses rose 14.8% from the prior-year period to 16.8 million pounds from 14.6 million pounds.

Reported net income came to a loss of 1.2 million pounds, or a loss of 14 piastres per share, compared to income of 16,430 pounds, or 0 piastres per share, in the prior-year period.

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