Kuwait Food Co., the subject of takeover speculation, has posted an increase in profits for the third quarter of the year.

In a stock exchange filing, the frozen food maker – also known as Americana – said profit for the period ended 30 September was KWD10.9m (US$37.45m) compared with KWD8.2m for the same period last year.

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The firm said the increase were due to a rise in operating income and a decrease in selling, general and admin expenses.

Sales were up 5% against last year at KWD218.2m.

Earlier this month, the company reportedly confirmed its major shareholder, Al Khair National for Stocks and Real Estate Co., is in early talks with “various parties” to sell its stake in the business.

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