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Northern Upper Egypt Development & Agricultural Production Co. said its normalized net income for the first quarter came to a loss of 205,980 pounds, compared with income of 51,270 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 declined to negative 1.3% from 2.8% in the year-earlier period.

Total revenue increased year over year to 16.2 million pounds from 1.8 million pounds, and total operating expenses increased from the prior-year period to 16.7 million pounds from 2.4 million pounds.

Reported net income totaled a loss of 120,270 pounds, or a loss of 2 piastres per share, compared to income of 134,730 pounds, or 2 piastres per share, in the year-earlier period.

As of May 30, US$1 was equivalent to 8.88 Egyptian pounds.