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Mansoura Poultry Q2 profit falls YOY

Mansoura Poultry co.S.A.E. said its normalized net income for the second quarter came to 10 Egyptian piastres per share, a decline of 56.2% from 22 piastres per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.8 million pounds, a decrease of 56.2% from 4.0 million pounds in the prior-year period.

The normalized profit margin fell to 9.6% from 16.3% in the year-earlier period.

Total revenue decreased 20.7% on an annual basis to 19.6 million pounds from 24.7 million pounds, and total operating expenses decreased on an annual basis to 17.6 million pounds from 18.5 million pounds.

Reported net income declined 66.6% on an annual basis to 2.2 million pounds, or 12 piastres per share, from 6.5 million pounds, or 36 piastres per share.

As of Aug. 11, US$1 was equivalent to 8.88 Egyptian pounds.