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El Nasr Clothing & Textiles swings to profit in fiscal Q2

El Nasr Clothing & Textiles Co. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 2.2 million pounds, compared with a loss of 3.1 million pounds in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 2.2% from negative 2.9% in the year-earlier period.

Total revenue decreased 7.9% year over year to 98.1 million pounds from 106.5 million pounds, and total operating expenses fell 8.1% on an annual basis to 93.4 million pounds from 101.7 million pounds.

Reported net income came to 689,530 pounds, or 0 piastres per share, compared to a loss of 7.6 million pounds, or a loss of 2 piastres per share, in the year-earlier period.

As of Feb. 24, US$1 was equivalent to 7.63 Egyptian pounds.