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Middle Egypt Flour Mills swings to profit in fiscal Q2

Middle Egypt Flour Mills said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was 21 Egyptian piastres per share, compared with a loss of 6 piastres per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.0 million pounds, compared with a loss of 907,470 pounds in the prior-year period.

The normalized profit margin climbed to 0.8% from negative 0.2% in the year-earlier period.

Total revenue declined year over year to 513.9 million pounds from 539.8 million pounds, and total operating expenses fell 6.1% year over year to 508.1 million pounds from 541.3 million pounds.

Reported net income came to 2.9 million pounds, or 20 piastres per share, compared to a loss of 1.2 million pounds, or a loss of 8 piastres per share, in the prior-year period.

As of Feb. 13, US$1 was equivalent to 7.63 Egyptian pounds.