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Egypt Free Shops fiscal Q2 profit falls YOY

Egypt Free Shops Co. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to 12 Egyptian piastres per share, a decrease of 13.8% from 14 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 11.1 million pounds, a decline of 13.8% from 12.9 million pounds in the year-earlier period.

The normalized profit margin dropped to 12.0% from 14.9% in the year-earlier period.

Total revenue climbed 6.8% on an annual basis to 92.6 million pounds from 86.7 million pounds, and total operating expenses increased 13.1% year over year to 75.8 million pounds from 67.0 million pounds.

Reported net income decreased 33.5% year over year to 15.1 million pounds, or 16 piastres per share, from 22.7 million pounds, or 24 piastres per share.

As of Feb. 12, US$1 was equivalent to 7.83 Egyptian pounds.