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Foodico swings to profit in Q1

Ismailia National Co. for Food Industries (Foodico) SAE said its first-quarter normalized net income was 11 Egyptian piastres per share, compared with a loss of 8 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 1.0 million pounds, compared with a loss of 716,670 pounds in the year-earlier period.

The normalized profit margin increased to 4.8% from negative 5.3% in the year-earlier period.

Total revenue grew 54.9% on an annual basis to 21.0 million pounds from 13.5 million pounds, and total operating expenses rose 34.1% on an annual basis to 19.6 million pounds from 14.6 million pounds.

Reported net income totaled 1.6 million pounds, or 18 piastres per share, compared to a loss of 1.1 million pounds, or a loss of 13 piastres per share, in the year-earlier period.

As of May 27, US$1 was equivalent to 8.88 Egyptian pounds.