Cairo - Mubasher: Ismailia National Food Industries Company (Foodico) turned into profitability in the first quarter of fiscal 2016, compared to the same period of 2015.

Net profit reached EGP 1.6 million ($180,520) in Q1-16, against net losses of EGP 1.15 million ($129,750) in Q1-15, according to a bourse statement released on Sunday.

Foodico earlier reported a net profit of EGP 40.5 million in 2015, versus EGP 281,000 in 2014.