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Cairo Oil & Soap fiscal Q4 loss widens 58.7% YOY

4916566 said its normalized net income for the fiscal fourth quarter ended June 30 amounted to a loss of 56 Egyptian piastres per share, compared with a loss of 35 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 a loss of 8.9 million pounds, compared with a loss of 5.6 million pounds in the prior-year period.

The normalized profit margin fell to negative 30.9% from negative 5.4% in the year-earlier period.

Total revenue declined 72.1% on an annual basis to 28.9 million pounds from 103.5 million pounds, and total operating expenses decreased 63.0% from the prior-year period to 40.7 million pounds from 110.0 million pounds.

Reported net income totaled a loss of 13.6 million pounds, or a loss of 85 piastres per share, compared to a loss of 7.3 million pounds, or a loss of 46 piastres per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 2.01 pounds per share, compared with a loss of 1.52 pounds per share in the prior year.

Normalized net income was a loss of 32.2 million pounds, compared with a loss of 24.4 million pounds in the prior year.

Full-year total revenue declined 74.5% from the prior-year period to 146.3 million pounds from 574.0 million pounds, and total operating expenses decreased 69.1% year over year to 186.8 million pounds from 603.8 million pounds.

The company said reported net income came to a loss of 52.4 million pounds, or a loss of 3.28 pounds per share, in the full year, compared with a loss of 33.5 million pounds, or a loss of 2.10 pounds per share, the prior year.

As of Nov. 10, US$1 was equivalent to 8.03 Egyptian pounds.Cairo Oil & Soap Co.

4916566 said its normalized net income for the fiscal fourth quarter ended June 30 amounted to a loss of 56 Egyptian piastres per share, compared with a loss of 35 piastres per share in the year-earlier period.