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Misr Poultry swings to profit in Q3

Ismailia/Misr Poultry Co. SAE said its normalized net income for the third quarter was 6 Egyptian piastres per share, compared with a loss of 8 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 5.1 million pounds, compared with a loss of 5.1 million pounds in the year-earlier period.

The normalized profit margin increased to 5.8% from negative 11.1% in the year-earlier period.

Total revenue grew 23.2% on an annual basis to 57.0 million pounds from 46.2 million pounds, and total operating expenses decreased 5.4% on an annual basis to 48.6 million pounds from 51.3 million pounds.

Reported net income came to 7.9 million pounds, or 9 piastres per share, compared to a loss of 8.1 million pounds, or a loss of 12 piastres per share, in the year-earlier period.

As of Nov. 12, US$1 was equivalent to 7.83 Egyptian pounds.