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United Foods Q3 profit falls YOY

United Foods Co. (PSC) said its normalized net income for the third quarter was 8 United Arab Emirates fils per share, a decrease of 20.0% from 9 fils per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.3 million dirhams, a decrease of 16.3% from 2.7 million dirhams in the prior-year period.

The normalized profit margin dropped to 2.5% from 3.1% in the year-earlier period.

Total revenue increased year over year to 91.5 million dirhams from 87.9 million dirhams, and total operating expenses climbed 5.3% on an annual basis to 88.1 million dirhams from 83.7 million dirhams.

Reported net income fell 16.3% on an annual basis to 3.7 million dirhams, or 12 fils per share, from 4.4 million dirhams, or 15 fils per share.

As of Nov. 1, US$1 was equivalent to 3.67 United Arab Emirates dirhams.