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East Delta Flour Mills fiscal Q2 profit falls YOY

East Delta Flour Mills said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 1.08 Egyptian pounds per share, a decrease of 29.4% from 1.53 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 6.5 million pounds, a decrease of 29.4% from 9.2 million pounds in the year-earlier period.

The normalized profit margin fell to 1.1% from 1.8% in the year-earlier period.

Total revenue rose 16.9% on an annual basis to 610.5 million pounds from 522.2 million pounds, and total operating expenses climbed 18.5% year over year to 602.1 million pounds from 508.3 million pounds.

Reported net income fell 40.1% from the prior-year period to 8.5 million pounds, or 1.42 pounds per share, from 14.2 million pounds, or 2.37 pounds per share.

As of Feb. 5, US$1 was equivalent to 7.63 Egyptian pounds.