National Co. for Maize Products said its normalized net income for the fourth quarter amounted to 66 Egyptian piastres per share, an increase of 88.8% from 35 piastres per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 19.6 million pounds, a gain of 88.8% from 10.4 million pounds in the prior-year period.

The normalized profit margin rose to 9.1% from 4.7% in the year-earlier period.

Total revenue fell year over year to 215.6 million pounds from 219.8 million pounds, and total operating expenses decreased 8.7% from the prior-year period to 183.0 million pounds from 200.5 million pounds.

Reported net income rose on an annual basis to 18.8 million pounds, or 64 piastres per share, from 8.4 million pounds, or 28 piastres per share.

For the year, the company's normalized net income totaled 1.71 pounds per share, a decrease of 33.8% from 2.58 pounds per share in the prior year.

Normalized net income was 50.5 million pounds, a fall of 33.8% from 76.2 million pounds in the prior year.

Full-year total revenue decreased 9.7% year over year to 841.7 million pounds from 932.2 million pounds, and total operating expenses decreased 6.5% on an annual basis to 747.9 million pounds from 799.9 million pounds.

The company said reported net income fell 15.9% year over year to 58.9 million pounds, or 1.99 pounds per share, in the full year, from 70.0 million pounds, or 2.37 pounds per share.

As of March 14, US$1 was equivalent to 8.95 Egyptian pounds.