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Unirab Polvara Spinning & Weaving Q3 loss narrows YOY

Unirab Polvara Spinning & Weaving Co. said its third-quarter normalized net income came to a loss of 3 Egyptian piastres per share, compared with a loss of 19 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 a loss of 2.8 million pounds, compared with a loss of 17.6 million pounds in the year-earlier period.

Total revenue decreased 100.0% year over year to 7,550 pounds from 15.2 million pounds, and total operating expenses declined 89.4% on an annual basis to 4.5 million pounds from 43.0 million pounds.

Reported net income came to a loss of 4.5 million pounds, or a loss of 5 piastres per share, compared to a loss of 27.5 million pounds, or a loss of 29 piastres per share, in the year-earlier period.

As of Nov. 15, US$1 was equivalent to 15.29 Egyptian pounds.