Arab dairy Q1 profit drops 51%

Sales rose to $16.3mln in the three-month period ended last March

Cairo – Mubasher: The Arab Dairy Products Co. (Panda) on Wednesday reported a 51% year-on-year fall in consolidated profits for the first quarter of 2018, recording EGP 853,020 from EGP 1.7 million.

Sales rose to EGP 293.25 million in the three-month period ended last March, versus EGP 256.6 million in Q1-17, the Egyptian dairy firm said in a filing to the Egyptian Exchange (EGX).

Meanwhile, standalone profits narrowed to EGP 716,600 in Q1-18, from EGP 1.65 million in the year-ago period.

Arab Dairy had previously posted a net loss of EGP 29.32 million for the full-year ended December 2017, against a net profit of EGP 1.6 million in 2016, including minority shareholders’ rights.

Source: Mubasher

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