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MTI posts Q4 profit

M.M. Group for Industry and International Trade S.A.E. said its normalized net income for the fourth quarter came to 122.3 million pounds.

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

The normalized profit margin was 7.9%.

Total revenue totaled 1.54 billion pounds, and total operating expenses totaled 1.45 billion pounds.

Reported net income came to 158.2 million pounds, or 40 piastres per share.

For the year, the company's normalized net income totaled 71 piastres per share, a gain of 29.4% from 55 piastres per share in the prior year.

Normalized net income was 281.2 million pounds, a rise of 79.4% from 156.8 million pounds in the prior year.

Full-year total revenue rose 16.5% on an annual basis to 4.96 billion pounds from 4.26 billion pounds, and total operating expenses rose 14.9% on an annual basis to 4.61 billion pounds from 4.01 billion pounds.

The company said reported net income rose 63.7% on an annual basis to 363.4 million pounds, or 92 piastres per share, in the full year, from 221.9 million pounds, or 78 piastres per share.

As of March 31, US$1 was equivalent to 18.05 Egyptian pounds.