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Sultan Center Food Products swings to loss in Q2

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Sultan Center Food Products swings to loss in Q2

Sultan Center Food Products Co. - KSCP said its second-quarter normalized net income was a loss of 76,610 dinars, compared with income of 315,570 dinars in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue totaled 74.4 million dinars, compared with 74.6 million dinars in the year-earlier period, and total operating expenses totaled 74.6 million dinars, compared with 74.3 million dinars in the year-earlier period.

Reported net income increased 24.8% year over year to 655,150 dinars, or 0 fils per share, from 525,130 dinars, or 0 fils per share.

As of Aug. 22, US$1 was equivalent to 30 Kuwaiti fils.