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Kuwait's Americana sees Q2 net profit slump on Ramadan
August 13, 2015, 11:17 am
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Kuwait Food Co. (Americana) posted a 46.2 percent fall in second-quarter net profit on Wednesday due to slower sales during the Muslim month of fasting and higher operating costs. The operator of restaurant franchises in the Middle East including KFC made a net profit of 6.88 million dinars ($22.73 million) in the three-month period ending 30 June , down from 12.80 million dinars in the prior-year period, it said in a bourse statement.

Net profit for the first half of 2015 declined 21.7 percent to 24.196 million dinars, the statement added. Americana, backed by Kuwait's billionaire al-Kharafi family, said in January that its major shareholder was still in talks with several parties about a sale process.

Source: Arabian Business

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