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Delta Sugar Q2 profit falls YOY

Delta Sugar Co. said its normalized net income for the second quarter was 16 Egyptian piastres per share, a decline of 74.4% from 61 piastres per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 22.4 million pounds, a decrease of 71.5% from 78.7 million pounds in the year-earlier period.

The normalized profit margin declined to 7.1% from 21.2% in the year-earlier period.

Total revenue declined 15.8% on an annual basis to 312.8 million pounds from 371.4 million pounds, and total operating expenses totaled 241.2 million pounds, compared with 238.9 million pounds in the year-earlier period.

Reported net income declined 62.2% on an annual basis to 33.4 million pounds, or 23 piastres per share, from 88.5 million pounds, or 69 piastres per share.

As of Aug. 11, US$1 was equivalent to 7.83 Egyptian pounds.