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Juhayna Food Industries swings to loss in Q4

Juhayna Food Industries SAE said its normalized net income for the fourth quarter was a loss of 6 Egyptian piastres per share, compared with the S&P Capital IQ consensus estimate of a loss of 1 piastres per share.

The per-share result swung to a loss from the prior-year profit of 7 piastres.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 55.6 million pounds, compared with income of 66.0 million pounds in the year-earlier period.

The normalized profit margin fell to negative 4.8% from 5.8% in the year-earlier period.

Total revenue grew 14.9% on an annual basis to 1.30 billion pounds from 1.13 billion pounds, and total operating expenses grew 27.6% from the prior-year period to 1.24 billion pounds from 974.4 million pounds.

Reported net income totaled a loss of 114.8 million pounds, or a loss of 12 piastres per share, compared to income of 61.3 million pounds, or 7 piastres per share, in the prior-year period.

For the year, the company's normalized net income totaled 8 piastres per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 23 piastres.

EPS declined 73.7% from 30 piastres in the prior year.

Normalized net income was 75.4 million pounds, a decline of 73.7% from 286.8 million pounds in the prior year.

Full-year total revenue increased 18.0% from the prior-year period to 4.99 billion pounds from 4.23 billion pounds, and total operating expenses increased 26.9% year over year to 4.57 billion pounds from 3.60 billion pounds.

The company said reported net income fell 80.9% year over year to 53.5 million pounds, or 6 piastres per share, in the full year, from 279.8 million pounds, or 30 piastres per share.

As of March 9, US$1 was equivalent to 17.70 Egyptian pounds.