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Cairo Oil & Soap fiscal Q2 loss widens YOY

Cairo Oil & Soap Co. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was a loss of 53 Egyptian piastres per share, compared with a loss of 18 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 8.6 million pounds, compared with a loss of 2.9 million pounds in the prior-year period.

The normalized profit margin dropped to negative 27.4% from negative 1.2% in the year-earlier period.

Total revenue fell 86.6% year over year to 31.2 million pounds from 233.6 million pounds, and total operating expenses fell 82.2% on an annual basis to 42.1 million pounds from 236.1 million pounds.

Reported net income came to a loss of 14.5 million pounds, or a loss of 91 piastres per share, compared to a loss of 4.6 million pounds, or a loss of 28 piastres per share, in the year-earlier period.

As of Feb. 19, US$1 was equivalent to 7.63 Egyptian pounds.