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SCG Mills fiscal Q3 profit climbs YOY

South Cairo & Giza Flour Mills & Bakeries said its normalized net income for the fiscal third quarter ended March 31 was 64 Egyptian piastres per share, a gain from 30 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 3.8 million pounds, a gain from 1.8 million pounds in the year-earlier period.

The normalized profit margin rose to 1.3% from 0.7% in the year-earlier period.

Total revenue climbed on an annual basis to 288.7 million pounds from 277.5 million pounds, and total operating expenses increased from the prior-year period to 285.2 million pounds from 275.3 million pounds.

Reported net income rose on an annual basis to 6.3 million pounds, or 1.05 pounds per share, from 2.8 million pounds, or 46 piastres per share.

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