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Danah Al Safat Foodstuff swings to profit in Q1

Danah Al Safat Foodstuff Co. KPSC said its first-quarter normalized net income was 143,490 dinars, compared with a loss of 183,490 dinars in the year-earlier period.

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

The normalized profit margin rose to 1.3% from negative 2.8% in the year-earlier period.

Total revenue climbed 24.2% on an annual basis to 8.0 million dinars from 6.5 million dinars, and total operating expenses grew 15.2% on an annual basis to 7.8 million dinars from 6.8 million dinars.

Reported net income totaled 29,190 dinars, or 0 fils per share, compared to a loss of 380,400 dinars, or a loss of 0 fils per share, in the prior-year period.

As of May 25, US$1 was equivalent to 30 Kuwaiti fils.