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El Nasr Manufacturing fiscal Q1 loss narrows YOY

El Nasr for Manufacturing Agricultural Crops SAE said its normalized net income for the fiscal first quarter ended June 30 was a loss of 29 Egyptian piastres per share, compared with a loss of 59 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 2.3 million pounds, compared with a loss of 4.7 million pounds in the prior-year period.

Total revenue fell 92.4% on an annual basis to 37,950 pounds from 500,490 pounds, and total operating expenses decreased 54.8% from the prior-year period to 2.6 million pounds from 5.8 million pounds.

Reported net income totaled 151,570 pounds, or 2 piastres per share, compared to a loss of 9.3 million pounds, or a loss of 1.18 pounds per share, in the prior-year period.

As of Aug. 18, US$1 was equivalent to 7.15 Egyptian pounds.