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Americana posts 4.3pc Q1 net profit drop

DUBAI, May 11, 2015

Kuwait Food Co (Americana), whose biggest shareholder has been in talks with several parties to sell a stake in the firm in recent months, posted a 4.3 per cent fall in first-quarter net profit on Monday.

The operator of restaurant franchises including KFC made a net profit of KD17.3 million ($57.3 million) in the opening three months of 2015, down from KD18.1 million in the prior-year period, it said in a bourse statement.

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.

Interest had come from private equity funds KKR and CVC, as well as Saudi food firm Savola, although sources had told Reuters earlier in the month that the sale had faltered over differences on price. – Reuters




Tags: Americana | KFC | Net Profit |

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