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Sultan Center Food Products swings to profit in Q3

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Sultan Center Food Products swings to profit in Q3

Sultan Center Food Products Co. - KSCP said its third-quarter normalized net income was 191,280 dinars, compared with a loss of 4,540 dinars in the year-earlier period.

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

The normalized profit margin rose to 0.8% from negative 0.0% in the year-earlier period.

Total revenue declined year over year to 66.5 million dinars from 69.8 million dinars, and total operating expenses decreased 5.3% year over year to 66.1 million dinars from 69.8 million dinars.

Reported net income rose from the prior-year period to 349,900 dinars, or 0 fils per share, from 30,680 dinars, or 0 fils per share.

As of Nov. 23, US$1 was equivalent to 31 Kuwaiti fils.