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Suez Canal Co. for Technology Settling fiscal Q1 profit falls YOY

Suez Canal Co. for Technology Settling (SAE) said its normalized net income for the fiscal first quarter ended Nov. 30, 2014, amounted to 47 Egyptian piastres per share, a decrease of 17.5% from 56 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 42.3 million pounds, a decrease of 17.2% from 51.0 million pounds in the prior-year period.

The normalized profit margin fell to 115.2% from 194.5% in the year-earlier period.

Total revenue came to 26.3 million pounds, and total operating expenses totaled 4.7 million pounds.

Reported net income decreased 14.6% on an annual basis to 59.8 million pounds, or 66 piastres per share, from 70.1 million pounds, or 77 piastres per share.

As of Jan. 12, US$1 was equivalent to 7.15 Egyptian pounds.