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Foodico swings to loss in Q4

Ismailia National Co. for Food Industries (Foodico) SAE said its fourth-quarter normalized net income was a loss of 59 Egyptian piastres per share, compared with 1 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 a loss of 5.3 million pounds, compared with income of 105,860 pounds in the year-earlier period.

The normalized profit margin dropped to negative 37.8% from 0.6% in the year-earlier period.

Total revenue fell 17.9% year over year to 14.1 million pounds from 17.1 million pounds, and total operating expenses grew 31.8% year over year to 22.7 million pounds from 17.2 million pounds.

Reported net income came to a loss of 36.3 million pounds, or a loss of 4.03 pounds per share, compared to a loss of 374,800 pounds, or a loss of 4 piastres per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 87 piastres per share, compared with 6 piastres per share in the prior year.

Normalized net income was a loss of 7.8 million pounds, compared with income of 516,020 pounds in the prior year.

Full-year total revenue decreased from the prior-year period to 58.0 million pounds from 58.7 million pounds, and total operating expenses rose 20.9% on an annual basis to 70.3 million pounds from 58.1 million pounds.

The company said reported net income came to a loss of 40.5 million pounds, or a loss of 4.50 pounds per share, in the full year, compared with income of 281,480 pounds, or 3 piastres per share, the prior year.

As of March 30, US$1 was equivalent to 8.88 Egyptian pounds.