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Alexandria Flour Mills & Bakeries fiscal Q2 profit falls YOY

Alexandria Flour Mills & Bakeries Co. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 53 Egyptian piastres per share, a decrease of 55.4% from 1.19 pounds per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.2 million pounds, a decline of 55.4% from 9.5 million pounds in the prior-year period.

The normalized profit margin dropped to 1.3% from 2.9% in the year-earlier period.

Total revenue rose on an annual basis to 337.5 million pounds from 329.1 million pounds, and total operating expenses increased 6.1% on an annual basis to 334.5 million pounds from 315.4 million pounds.

Reported net income declined 47.9% from the prior-year period to 5.8 million pounds, or 73 piastres per share, from 11.2 million pounds, or 1.40 pounds per share.

As of Feb. 11, US$1 was equivalent to 7.63 Egyptian pounds.