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NUDAP Q2 loss widens YOY

Northern Upper Egypt Development & Agricultural Production Co. said its normalized net income for the second quarter was a loss of 216,580 pounds, compared with a loss of 25,370 pounds in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 12.5% from negative 1.4% in the year-earlier period.

Total revenue fell 6.0% year over year to 1.7 million pounds from 1.8 million pounds, and total operating expenses climbed 27.2% on an annual basis to 2.4 million pounds from 1.9 million pounds.

Reported net income came to a loss of 438,000 pounds, or a loss of 7 piastres per share, compared to a loss of 124,990 pounds, or a loss of 4 piastres per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to 7.83 Egyptian pounds.