Kuwait Food Company (Americana) [FOOD.KK] posted KPIs for 1Q2016, with a net income of KWD15.2mn, dropping c12% Y-o-Y (+75% Q-o-Q), which the company attributed to higher operating costs and FX losses. Revenue for the quarter was flattish (+1% Y-o-Y) at KWD242.0mn – the restaurants and retail segment (c60% of total) posted a flattish top-line at KWD145.5mn (+1% Y-o-Y), while food industries revenue of KWD96.6mn (c40%) was up c2%. Meanwhile, operating profit for the quarter dropped c9% Y-o-Y to KWD21.2mn; accordingly, EBIT margin narrowed c94bps to 8.77%. (Company disclosure)