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Sheeni fiscal Q3 profit falls YOY

General Co. for Ceramic & Porcelain Products said its normalized net income for the fiscal third quarter ended March 31 was 8 Egyptian piastres per share, a decline of 28.1% from 11 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 4.1 million pounds, a decline of 28.1% from 5.7 million pounds in the year-earlier period.

The normalized profit margin declined to 6.9% from 12.1% in the year-earlier period.

Total revenue rose 25.0% on an annual basis to 59.2 million pounds from 47.4 million pounds, and total operating expenses rose 37.0% from the prior-year period to 52.9 million pounds from 38.6 million pounds.

Reported net income fell 11.8% year over year to 6.2 million pounds, or 12 piastres per share, from 7.0 million pounds, or 14 piastres per share.

As of May 8, US$1 was equivalent to 7.63 Egyptian pounds.