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Sultan Center Food Products Q1 profit falls YOY

Sultan Center Food Products Co. - KSCP said its normalized net income for the first quarter amounted to 255,110 dinars, a fall of 61.0% from 653,720 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 0.4% from 1.0% in the year-earlier period.

Total revenue grew 7.6% on an annual basis to 68.7 million dinars from 63.9 million dinars, and total operating expenses rose 9.2% on an annual basis to 68.4 million dinars from 62.6 million dinars.

Reported net income fell 60.0% from the prior-year period to 425,230 dinars, or 0 fils per share, from 1.1 million dinars, or 0 fils per share.

As of May 29, US$1 was equivalent to 30 Kuwaiti fils.