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Kuwait's Americana Q2 profit tumbles 46.2 pct on Ramadan, higher costs
August 12, 2015 / 11:14 AM / 2 years ago

Kuwait's Americana Q2 profit tumbles 46.2 pct on Ramadan, higher costs

DUBAI, Aug 12 (Reuters) - 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 June 30, 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. ($1 = 0.3027 Kuwaiti dinars) (Reporting by Hadeel Al Sayegh; Editing by David French)

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