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North Cairo Flour Mills fiscal Q2 profit falls YOY

North Cairo Flour Mills Co. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was 6 Egyptian piastres per share, a decline of 91.9% from 78 piastres per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 680,890 pounds, a decline of 91.9% from 8.4 million pounds in the prior-year period.

The normalized profit margin fell to 0.1% from 2.3% in the year-earlier period.

Total revenue grew 38.0% on an annual basis to 511.5 million pounds from 370.7 million pounds, and total operating expenses rose 44.2% on an annual basis to 497.7 million pounds from 345.1 million pounds.

Reported net income totaled a loss of 1.3 million pounds, or a loss of 12 piastres per share, compared to income of 10.5 million pounds, or 98 piastres per share, in the year-earlier period.

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