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Arab Dairy Products swings to profit in Q2

Arab Dairy Products Co. LLC said its second-quarter normalized net income was 2 Egyptian piastres per share, compared with a loss of 15 piastres per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.1 million pounds, compared with a loss of 9.2 million pounds in the prior-year period.

The normalized profit margin increased to 0.7% from negative 5.8% in the year-earlier period.

Total revenue declined 9.8% on an annual basis to 142.5 million pounds from 158.0 million pounds, and total operating expenses declined 18.0% on an annual basis to 135.7 million pounds from 165.5 million pounds.

Reported net income came to 1.4 million pounds, or 2 piastres per share, compared to a loss of 16.1 million pounds, or a loss of 27 piastres per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to 7.83 Egyptian pounds.