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Danah Al Safat Foodstuff Q3 profit falls YOY

Danah Al Safat Foodstuff Co. KPSC said its normalized net income for the third quarter amounted to 155,140 dinars, a decline of 71.3% from 541,110 dinars in the prior-year period.

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

The normalized profit margin declined to negative 6.4% from 5.7% in the year-earlier period.

Total revenue climbed on an annual basis to 10.0 million dinars from 9.6 million dinars, and total operating expenses grew 9.5% on an annual basis to 9.6 million dinars from 8.8 million dinars.

Reported net income decreased 16.3% on an annual basis to 251,460 dinars, or 0 fils per share, from 300,400 dinars, or 0 fils per share.

As of Oct. 28, US$1 was equivalent to 30 Kuwaiti fils.