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Foodico swings to loss in Q2

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Foodico swings to loss in Q2

Ismailia National Co. for Food Industries (Foodico) SAE said its normalized net income for the second quarter amounted to a loss of 13 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 1.2 million pounds, compared with income of 112,050 pounds in the year-earlier period.

The normalized profit margin declined to negative 3.8% from 0.8% in the year-earlier period.

Total revenue increased on an annual basis to 14.6 million pounds from 14.1 million pounds, and total operating expenses increased 16.7% year over year to 16.2 million pounds from 13.9 million pounds.

Reported net income totaled a loss of 1.9 million pounds, or a loss of 21 piastres per share, compared to income of 179,270 pounds, or 2 piastres per share, in the year-earlier period.

As of July 15, US$1 was equivalent to 7.83 Egyptian pounds.