Egyptian dairy and juice maker Juhayna Food Industries Co reported a 21 percent drop in third quarter consolidated net profit to LE 73.7 million ($12.8 million) compared with a year earlier. The statement issued by the bourse on Wednesday did not explain the fall but a fire hit one of Juhayna's factories on April 22 causing losses of LE 300 million. The company said in November it expected a full recovery of output by the end of the first quarter of 2011. Juhayna, established in 1983, launched in June Egypt's first initial public offering since 2008. The company has a paid-up capital of LE 750 million. Its public share offer, worth LE 192 million, was oversubscribed 6.8 times. Juhayna's activities span farming, manufacturing, logistics and supply chains, and distribution. The company exports 10 percent of its output, 80 percent to North Africa and the Middle East and the rest to the United States, Europe and Japan.
