International Co. for Agricultural Crops said its normalized net income for the fiscal first quarter ended Sept. 30 was a loss of 4 Egyptian piastres per share, compared with a loss of 3 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 a loss of 3.2 million pounds, compared with a loss of 2.2 million pounds in the year-earlier period.

The normalized profit margin dropped to negative 5.3% from negative 2.8% in the year-earlier period.

Total revenue decreased 21.0% year over year to 60.7 million pounds from 76.8 million pounds, and total operating expenses decreased 19.2% from the prior-year period to 63.3 million pounds from 78.4 million pounds.

Reported net income totaled a loss of 5.1 million pounds, or a loss of 6 piastres per share, compared to a loss of 3.5 million pounds, or a loss of 5 piastres per share, in the prior-year period.

As of Nov. 13, US$1 was equivalent to 7.83 Egyptian pounds.