Upper Egypt Mills Co. JSC said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 3.14 Egyptian pounds per share, a gain of 20.3% from 2.61 pounds per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 22.0 million pounds, an increase of 20.3% from 18.3 million pounds in the prior-year period.

The normalized profit margin fell to 2.9% from 3.1% in the year-earlier period.

Total revenue grew 27.3% year over year to 757.3 million pounds from 595.0 million pounds, and total operating expenses rose 28.0% year over year to 729.0 million pounds from 569.7 million pounds.

Reported net income increased 23.7% year over year to 34.9 million pounds, or 4.98 pounds per share, from 28.2 million pounds, or 4.02 pounds per share.

As of Nov. 27, US$1 was equivalent to 7.83 Egyptian pounds.