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Delta Sugar swings to loss in Q1

Delta Sugar Co. said its first-quarter normalized net income amounted to a loss of 839,890 pounds, compared with income of 42.7 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 fell to negative 0.3% from 20.1% in the year-earlier period.

Total revenue grew year over year to 216.9 million pounds from 212.8 million pounds, and total operating expenses grew 52.0% year over year to 221.8 million pounds from 145.9 million pounds.

Reported net income came to a loss of 1.1 million pounds, or a loss of 1 piastres per share, compared to income of 51.6 million pounds, or 33 piastres per share, in the prior-year period.

As of May 6, US$1 was equivalent to 7.63 Egyptian pounds.