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ALRA Processing swings to profit in Q3

Atlas for Land Reclamation & Agricultural Processing SAE said its normalized net income for the third quarter came to 3 Egyptian piastres per share, compared with a loss of 9 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 159,290 pounds, compared with a loss of 542,880 pounds in the year-earlier period.

The normalized profit margin climbed to 0.6% from negative 25.4% in the year-earlier period.

Total revenue climbed on an annual basis to 25.4 million pounds from 2.1 million pounds, and total operating expenses increased on an annual basis to 25.1 million pounds from 3.1 million pounds.

Reported net income fell 87.8% year over year to 221,420 pounds, or 4 piastres per share, from 1.8 million pounds, or 30 piastres per share.

As of Nov. 18, US$1 was equivalent to 15.95 Egyptian pounds.