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Middle Egypt Flour Mills fiscal Q3 profit falls YOY

Middle Egypt Flour Mills said its normalized net income for the fiscal third quarter ended March 31 came to 1.13 Egyptian pounds per share, a decrease of 14.6% from 1.33 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 16.7 million pounds, a decrease of 14.6% from 19.6 million pounds in the year-earlier period.

The normalized profit margin dropped to 3.3% from 3.7% in the year-earlier period.

Total revenue fell year over year to 507.5 million pounds from 521.9 million pounds, and total operating expenses declined from the prior-year period to 480.7 million pounds from 490.8 million pounds.

Reported net income fell 6.6% year over year to 20.0 million pounds, or 1.36 pounds per share, from 21.4 million pounds, or 1.45 pounds per share.

As of May 25, US$1 was equivalent to 7.63 Egyptian pounds.