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Kuwait Food profit misses consensus by 51.5% in Q2

Kuwait Food Co. (Al Americana) KSCP said its second-quarter normalized net income came to 2 Kuwaiti fils per share, compared with the S&P Capital IQ consensus estimate of 4 fils per share.

EPS declined 36.8% year over year from 3 fils.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.6 million dinars, a decline of 36.8% from 12.0 million dinars in the year-earlier period.

The normalized profit margin declined to 3.0% from 5.0% in the year-earlier period.

Total revenue rose year over year to 245.9 million dinars from 238.7 million dinars, and total operating expenses grew 6.7% on an annual basis to 230.6 million dinars from 216.2 million dinars.

Reported net income declined 46.2% from the prior-year period to 6.9 million dinars, or 2 fils per share, from 12.8 million dinars, or 3 fils per share.

As of Aug. 20, US$1 was equivalent to 30 Kuwaiti fils.