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United Foods Q3 profit climbs YOY

United Foods Co. (PSC) said its normalized net income for the third quarter amounted to 9 United Arab Emirates fils per share, a gain from 2 fils per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.7 million dirhams, an increase from 542,930 dirhams in the prior-year period.

The normalized profit margin increased to 3.1% from 0.5% in the year-earlier period.

Total revenue decreased 11.1% on an annual basis to 87.9 million dirhams from 98.9 million dirhams, and total operating expenses decreased 14.7% year over year to 83.7 million dirhams from 98.1 million dirhams.

Reported net income rose from the prior-year period to 4.4 million dirhams, or 15 fils per share, from 868,680 dirhams, or 3 fils per share.

As of Nov. 12, US$1 was equivalent to 3.67 United Arab Emirates dirhams.