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Foodco Holding swings to profit in Q3

Foodco Holding PJSC said its third-quarter normalized net income amounted to 2 United Arab Emirates fils per share, compared with a loss of 7 fils per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.2 million dirhams, compared with a loss of 7.2 million dirhams in the year-earlier period.

The normalized profit margin increased to 4.3% from negative 10.6% in the year-earlier period.

Total revenue fell 13.4% year over year to 59.2 million dirhams from 68.3 million dirhams, and total operating expenses declined 10.6% year over year to 52.6 million dirhams from 58.8 million dirhams.

Reported net income totaled 3.3 million dirhams, or 3 fils per share, compared to a loss of 12.0 million dirhams, or a loss of 12 fils per share, in the year-earlier period.

As of Nov. 8, US$1 was equivalent to 3.67 United Arab Emirates dirhams.