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Egypt for Poultry fiscal Q3 loss narrows YOY

Egypt for Poultry said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to a loss of 90,360 pounds, compared with a loss of 1.1 million 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 rose to negative 25.8% from negative 116.4% in the year-earlier period.

Total revenue decreased 62.6% year over year to 349,590 pounds from 933,740 pounds, and total operating expenses declined 70.1% from the prior-year period to 966,700 pounds from 3.2 million pounds.

Reported net income decreased 60.4% from the prior-year period to 967,660 pounds, or 2 piastres per share, from 2.4 million pounds, or 5 piastres per share.

As of Feb. 12, US$1 was equivalent to 7.83 Egyptian pounds.