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

CAIRO- 2 May 2017: 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 58.257M EG ($3.22 million), down from 80.419M EG 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.