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El Nasr Clothing & Textiles swings to profit in fiscal Q3

El Nasr Clothing & Textiles Co. said its normalized net income for the fiscal third quarter ended March 31 was 3.7 million pounds, compared with a loss of 3.2 million pounds in the year-earlier period.

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

The normalized profit margin climbed to 3.6% from negative 3.1% in the year-earlier period.

Total revenue fell year over year to 101.7 million pounds from 103.3 million pounds, and total operating expenses decreased on an annual basis to 98.4 million pounds from 102.0 million pounds.

Reported net income came to a loss of 568,740 pounds, or a loss of 0 piastres per share, compared to a loss of 8.2 million pounds, or a loss of 2 piastres per share, in the year-earlier period.

As of May 22, US$1 was equivalent to 7.63 Egyptian pounds.