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Egypt's Juhayna posts drop in Q1 profit to 58.257 mln pounds
May 2, 2017 / 7:35 AM / 8 months ago

Egypt's Juhayna posts drop in Q1 profit to 58.257 mln pounds

CAIRO, May 2 (Reuters) - Juhayna, Egypt’s biggest listed producer of packaged juice and dairy products, posted a 28 percent decline in first quarter net profits on Tuesday, saying a steep increase in the cost of raw materials had hit its bottom line.

The company said in a statement that net profit for the first quarter was 58.257 million Egyptian pounds ($3.22 million), down from 80.419 million in the same period a year earlier.

Sales inched up, however, reaching 1.287 billion pounds in the first quarter compared to 1.104 billion a year earlier.

Food inflation has soared since import-dependent Egypt floated its pound currency in November, hitting more than 40 percent in March and hurting company profits.

$1 = 18.0700 Egyptian pounds Reporting by Ehab Farouk,; Writing by Lin Noueihed; Editing by Giles Elgood

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