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Foodico swings to profit in Q2

Ismailia National Co. for Food Industries (Foodico) SAE said its normalized net income for the second quarter came to 14 Egyptian piastres per share, compared with a loss of 36 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 1.3 million pounds, compared with a loss of 560,170 pounds in the year-earlier period.

The normalized profit margin increased to 4.9% from negative 3.8% in the year-earlier period.

Total revenue climbed 76.1% on an annual basis to 25.7 million pounds from 14.6 million pounds, and total operating expenses rose 51.8% from the prior-year period to 24.3 million pounds from 16.0 million pounds.

Reported net income totaled 359,010 pounds, or 4 piastres per share, compared to a loss of 896,280 pounds, or a loss of 58 piastres per share, in the year-earlier period.

As of Aug. 15, US$1 was equivalent to 8.88 Egyptian pounds.