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.