Suez Canal Co. for Technology Settling (SAE) said its normalized net income for the fiscal third quarter ended May 31 came to 14 Egyptian piastres per share, a decrease of 52.1% from 30 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 13.5 million pounds, a decline of 51.7% from 27.9 million pounds in the prior-year period.

The normalized profit margin fell to 51.4% from 106.1% in the year-earlier period.

Total revenue came to 26.3 million pounds, and total operating expenses came to 4.1 million pounds.

Reported net income declined 78.9% year over year to 8.6 million pounds, or 9 piastres per share, from 40.5 million pounds, or 43 piastres per share.

As of July 10, US$1 was equivalent to 7.83 Egyptian pounds.