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Danah Al Safat Foodstuff swings to loss in Q1

Danah Al Safat Foodstuff Co. KPSC said its first-quarter normalized net income came to a loss of 211,840 dinars, compared with income of 94,790 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 fell to negative 8.5% from 1.3% in the year-earlier period.

Total revenue increased 13.2% year over year to 8.2 million dinars from 7.3 million dinars, and total operating expenses rose 18.3% year over year to 8.4 million dinars from 7.1 million dinars.

Reported net income came to a loss of 618,650 dinars, or a loss of 0 fils per share, compared to a loss of 48,720 dinars, or a loss of 0 fils per share, in the year-earlier period.

As of July 14, US$1 was equivalent to 30 Kuwaiti fils.