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Misr Poultry Q2 profit falls YOY

Ismailia/Misr Poultry Co. SAE said its second-quarter normalized net income amounted to 5 Egyptian piastres per share, a decline of 48.0% from 10 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 4.6 million pounds, a decrease of 47.5% from 8.7 million pounds in the year-earlier period.

Total revenue decreased 21.1% on an annual basis to 60.8 million pounds from 77.0 million pounds, and total operating expenses fell 11.7% from the prior-year period to 53.7 million pounds from 60.8 million pounds.

Reported net income declined 46.3% on an annual basis to 7.6 million pounds, or 9 piastres per share, from 14.2 million pounds, or 16 piastres per share.

As of Aug. 9, US$1 was equivalent to 8.88 Egyptian pounds.