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International Co. for Agricultural Crops fiscal Q3 loss narrows YOY

International Co. for Agricultural Crops said its normalized net income for the fiscal third quarter ended March 31 was a loss of 232,980 pounds, compared with a loss of 1.8 million pounds in the prior-year period.

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

The normalized profit margin rose to negative 0.2% from negative 1.8% in the year-earlier period.

Total revenue declined 5.9% on an annual basis to 93.8 million pounds from 99.7 million pounds, and total operating expenses fell on an annual basis to 92.2 million pounds from 97.0 million pounds.

Reported net income came to a loss of 196,760 pounds, or a loss of 0 piastres per share, compared to a loss of 3.1 million pounds, or a loss of 4 piastres per share, in the year-earlier period.

As of May 11, US$1 was equivalent to 7.63 Egyptian pounds.