Egypt's largest dairy product and juice makers, Juhayna Food Industries said on Thursday its net income for the first quarter of 2014 dropped 55 percent from the first quarter of last year, citing a rise in milk prices.
Its quarterly net income stood at 43 million pounds.
"The impact of rising raw and powdered milk prices - and the company's decision to only partially pass those on to consumers - pressured margins," the company said in a statement.
Juhayna said its revenue for the quarter grew by 13 percent to 812 million Egyptian pounds ($114.16 million).
Last year, the company said it made a net profit of 328.3 million pounds, up 0.9 percent from a year earlier.
Juhayna, which counts among its clients a range of large hotel chains, last December secured a 500 million pound loan from the European Bank for Reconstruction and Development (EBRD) to finance expansion of its dairy and juice factories.
It plans to invest 400 million pounds in 2014 to expand production and improve logistics of sales points and branches as well as start production at a yoghurt factory.
