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NUDAP Q2 loss widens 82.4% YOY

Northern Upper Egypt Development & Agricultural Production Co. said its normalized net income for the second quarter amounted to a loss of 6 Egyptian piastres per share, compared with a loss of 3 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 394,990 pounds, compared with a loss of 216,580 pounds in the year-earlier period.

The normalized profit margin rose to negative 4.3% from negative 12.5% in the year-earlier period.

Total revenue increased year over year to 9.1 million pounds from 1.7 million pounds, and total operating expenses grew on an annual basis to 9.8 million pounds from 2.4 million pounds.

Reported net income totaled a loss of 1.7 million pounds, or a loss of 27 piastres per share, compared to a loss of 476,160 pounds, or a loss of 8 piastres per share, in the year-earlier period.

As of Sept. 26, US$1 was equivalent to 8.88 Egyptian pounds.