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Egypt for Poultry fiscal Q4 loss widens YOY

Egypt for Poultry said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of 221,040 pounds, compared with a loss of 44,930 pounds in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 87.8% from negative 2.0% in the year-earlier period.

Total revenue declined 89.4% on an annual basis to 238,380 pounds from 2.2 million pounds, and total operating expenses declined 88.5% on an annual basis to 300,840 pounds from 2.6 million pounds.

Reported net income totaled a loss of 2.4 million pounds, or a loss of 5 piastres per share, compared to a loss of 13,080 pounds, or a loss of 0 piastres per share, in the year-earlier period.

For the year, the company's normalized net income totaled 1.4 million pounds, compared with a loss of -103,940 pounds in the prior year.

Full-year total revenue fell 48.9% on an annual basis to 6.3 million pounds from 12.4 million pounds, and total operating expenses fell 27.4% on an annual basis to 10.6 million pounds from 14.6 million pounds.

The company said reported net income rose year over year to 938,370 pounds, or 2 piastres per share, in the full year, from 323,890 pounds, or 1 piastres per share.

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