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Mansoura Poultry swings to profit in Q2

Mansoura Poultry co.S.A.E. said its normalized net income for the second quarter was 22 Egyptian piastres per share, compared with a loss of 77 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 4.0 million pounds, compared with a loss of 30.4 million pounds in the year-earlier period.

The normalized profit margin rose to 16.3% from negative 266.4% in the year-earlier period.

Total revenue grew on an annual basis to 24.7 million pounds from 11.4 million pounds, and total operating expenses increased on an annual basis to 18.5 million pounds from 17.7 million pounds.

Reported net income came to 5.9 million pounds, or 32 piastres per share, compared to a loss of 5.0 million pounds, or a loss of 13 piastres per share, in the year-earlier period.

As of Aug. 7, US$1 was equivalent to 7.83 Egyptian pounds.