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Widam Food profit misses consensus by 66.7% in Q1

Widam Food Co. QSC said its first-quarter normalized net income came to 39 Qatari dirhams per share, compared with the S&P Capital IQ consensus estimate of 1.17 riyals per share.

EPS decreased 42.2% year over year from 67 dirhams.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.0 million riyals, a decline of 42.2% from 12.1 million riyals in the year-earlier period.

The normalized profit margin fell to 7.0% from 12.5% in the year-earlier period.

Total revenue increased on an annual basis to 99.8 million riyals from 96.5 million riyals, and total operating expenses increased 11.8% from the prior-year period to 167.1 million riyals from 149.5 million riyals.

Reported net income declined 42.2% from the prior-year period to 11.2 million riyals, or 62 dirhams per share, from 19.4 million riyals, or 1.08 riyals per share.

As of April 30, US$1 was equivalent to 3.64 Qatari riyals.