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