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Egyptian Starch & Glucose Q1 profit climbs 60.0% YOY

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Egyptian Starch & Glucose Q1 profit climbs 60.0% YOY

Egyptian Starch & Glucose Manufacturing Co. said its normalized net income for the first quarter was 21 Egyptian piastres per share, an increase from 21 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 10.5 million pounds, an increase of 60.0% from 6.5 million pounds in the prior-year period.

The normalized profit margin climbed to 7.2% from 4.7% in the year-earlier period.

Total revenue grew 6.0% year over year to 146.1 million pounds from 137.7 million pounds, and total operating expenses grew year over year to 125.5 million pounds from 119.8 million pounds.

Reported net income rose 62.9% on an annual basis to 16.3 million pounds, or 33 piastres per share, from 10.0 million pounds, or 31 piastres per share.

As of April 16, US$1 was equivalent to 7.63 Egyptian pounds.