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Middle & West Delta Flour Mills fiscal Q2 profit climbs 7.2% YOY

Middle & West Delta Flour Mills Co. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, amounted to 1.69 Egyptian pounds per share, an increase of 7.2% from 1.58 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 12.7 million pounds, an increase of 7.2% from 11.8 million pounds in the prior-year period.

The normalized profit margin rose to 1.4% from 1.2% in the year-earlier period.

Total revenue declined 9.9% year over year to 911.4 million pounds from 1.01 billion pounds, and total operating expenses declined 12.2% year over year to 872.0 million pounds from 992.6 million pounds.

Reported net income increased from the prior-year period to 32.1 million pounds, or 4.28 pounds per share, from 31.1 million pounds, or 4.15 pounds per share.

As of Feb. 9, US$1 was equivalent to 7.83 Egyptian pounds.