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Suez Canal Co. for Technology Settling fiscal Q3 profit falls YOY

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.