South Cairo & Giza Flour Mills & Bakeries said its normalized net income for the fiscal first half ended Dec. 31, 2014, came to 33 Egyptian piastres per share, a decrease of 79.0% from 1.57 pounds per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.0 million pounds, a decline of 79.0% from 9.4 million pounds in the year-earlier period.
Total revenue increased 15.0% year over year to 587.8 million pounds from 511.2 million pounds, and total operating expenses grew 18.3% on an annual basis to 589.4 million pounds from 498.4 million pounds.
Reported net income declined 78.7% year over year to 3.2 million pounds, or 53 piastres per share, from 14.9 million pounds, or 2.49 pounds per share.
As of Feb. 12, US$1 was equivalent to 7.63 Egyptian pounds.
