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Foodico swings to profit in Q3

Ismailia National Co. for Food Industries (Foodico) SAE said its normalized net income for the third quarter amounted to 4 Egyptian piastres per share, compared with a loss of 7 piastres per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 382,350 pounds, compared with a loss of 1.2 million pounds in the prior-year period.

The normalized profit margin climbed to 2.7% from negative 7.7% in the year-earlier period.

Total revenue fell 11.1% on an annual basis to 14.1 million pounds from 15.8 million pounds, and total operating expenses fell 11.9% year over year to 14.7 million pounds from 16.7 million pounds.

Reported net income totaled 1.5 million pounds, or 17 piastres per share, compared to a loss of 2.2 million pounds, or a loss of 14 piastres per share, in the year-earlier period.

As of Nov. 11, US$1 was equivalent to 16.48 Egyptian pounds.