GB Auto (S.A.E.) said its normalized net income for the first quarter was 4 Egyptian piastres per share, a decline of 89.0% from 35 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 41.3 million pounds, a decrease of 13.3% from 47.7 million pounds in the prior-year period.

The normalized profit margin dropped to 1.4% from 1.5% in the year-earlier period.

Total revenue declined 8.6% year over year to 2.92 billion pounds from 3.20 billion pounds, and total operating expenses declined 9.6% on an annual basis to 2.70 billion pounds from 2.98 billion pounds.

Reported net income fell 45.1% on an annual basis to 28.6 million pounds, or 3 piastres per share, from 52.1 million pounds, or 38 piastres per share.

As of May 10, US$1 was equivalent to 8.88 Egyptian pounds.