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Eastern Co. fiscal Q2 profit climbs 64.1% YOY

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Investment Banking Essentials: February 21

Eastern Co. fiscal Q2 profit climbs 64.1% YOY

Eastern Co. S.A.E. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to 4.60 Egyptian pounds per share, a gain of 83.0% from 2.51 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 459.8 million pounds, an increase of 64.1% from 280.3 million pounds in the year-earlier period.

The normalized profit margin rose to 16.5% from 15.0% in the year-earlier period.

Total revenue grew 13.9% year over year to 2.13 billion pounds from 1.87 billion pounds, and total operating expenses rose on an annual basis to 1.44 billion pounds from 1.41 billion pounds.

Reported net income rose 40.1% year over year to 441.8 million pounds, or 4.42 pounds per share, from 315.4 million pounds, or 2.83 pounds per share.

As of Feb. 15, US$1 was equivalent to 7.83 Egyptian pounds.