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Kuwait Food profit misses consensus by 33.1% in Q1

Kuwait Food Co. (Al Americana) KSCP said its first-quarter normalized net income was 3 Kuwaiti fils per share, compared with the S&P Capital IQ consensus estimate of 5 fils per share.

EPS rose year over year from 3 fils.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 13.1 million dinars, an increase from 12.6 million dinars in the year-earlier period.

The normalized profit margin declined to 5.4% from 5.5% in the year-earlier period.

Total revenue increased on an annual basis to 239.8 million dinars from 230.2 million dinars, and total operating expenses rose 5.7% year over year to 217.1 million dinars from 205.4 million dinars.

Reported net income decreased from the prior-year period to 17.3 million dinars, or 4 fils per share, from 18.1 million dinars, or 5 fils per share.

As of May 19, US$1 was equivalent to 30 Kuwaiti fils.