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Foodco Holding Q2 profit falls YOY

Foodco Holding PJSC said its second-quarter normalized net income was 1 United Arab Emirates fils per share, a decline of 81.3% from 6 fils per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.2 million dirhams, a decline of 81.7% from 6.3 million dirhams in the year-earlier period.

The normalized profit margin declined to 1.8% from 9.3% in the year-earlier period.

Total revenue fell 6.6% on an annual basis to 63.6 million dirhams from 68.1 million dirhams, and total operating expenses declined 7.4% on an annual basis to 54.7 million dirhams from 59.1 million dirhams.

Reported net income declined 85.7% on an annual basis to 1.4 million dirhams, or 1 fils per share, from 10.0 million dirhams, or 10 fils per share.

As of Aug. 15, US$1 was equivalent to 3.67 United Arab Emirates dirhams.