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Egypt Free Shops fiscal Q2 profit falls YOY

Egypt Free Shops Co. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was 15 Egyptian piastres per share, a decrease from 15 piastres per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 13.8 million pounds, a decrease from 14.1 million pounds in the prior-year period.

The normalized profit margin declined to 14.9% from 20.1% in the year-earlier period.

Total revenue grew 23.2% on an annual basis to 86.7 million pounds from 70.4 million pounds, and total operating expenses grew 34.9% year over year to 67.0 million pounds from 49.7 million pounds.

Reported net income declined 20.5% from the prior-year period to 15.9 million pounds, or 17 piastres per share, from 20.0 million pounds, or 21 piastres per share.

As of Feb. 4, US$1 was equivalent to 7.63 Egyptian pounds.