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El Nasr Clothing & Textiles fiscal Q1 loss narrows YOY

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El Nasr Clothing & Textiles fiscal Q1 loss narrows YOY

El Nasr Clothing & Textiles Co. said its normalized net income for the fiscal first quarter ended Sept. 30 came to a loss of 1 Egyptian piastres per share, compared with a loss of 1 piastres per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 4.8 million pounds, compared with a loss of 5.0 million pounds in the year-earlier period.

The normalized profit margin dropped to negative 7.2% from negative 5.8% in the year-earlier period.

Total revenue declined 24.0% on an annual basis to 66.4 million pounds from 87.4 million pounds, and total operating expenses declined 14.6% year over year to 73.9 million pounds from 86.6 million pounds.

Reported net income came to a loss of 11.3 million pounds, or a loss of 3 piastres per share, compared to a loss of 9.7 million pounds, or a loss of 3 piastres per share, in the prior-year period.

As of Nov. 28, US$1 was equivalent to 7.15 Egyptian pounds.