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Misr Poultry swings to profit in Q4

Ismailia/Misr Poultry Co. SAE said its normalized net income for the fourth quarter was 3 Egyptian piastres per share, compared with a loss of 2 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 2.5 million pounds, compared with a loss of 3.5 million pounds in the year-earlier period.

The normalized profit margin rose to 3.7% from negative 8.8% in the year-earlier period.

Total revenue climbed 72.5% on an annual basis to 69.2 million pounds from 40.1 million pounds, and total operating expenses climbed 52.0% on an annual basis to 66.7 million pounds from 43.9 million pounds.

Reported net income totaled 2.3 million pounds, or 3 piastres per share, compared to a loss of 5.6 million pounds, or a loss of 3 piastres per share, in the prior-year period.

For the year, the company's normalized net income totaled 18 piastres per share, compared with a loss of 9 piastres per share in the prior year.

Normalized net income was 16.5 million pounds, compared with a loss of 8.4 million pounds in the prior year.

Full-year total revenue increased 39.0% on an annual basis to 267.2 million pounds from 192.3 million pounds, and total operating expenses grew 20.4% year over year to 235.3 million pounds from 195.4 million pounds.

The company said reported net income totaled 24.9 million pounds, or 28 piastres per share, in the full year, compared with a loss of 12.9 million pounds, or a loss of 14 piastres per share, the prior year.

As of March 9, US$1 was equivalent to 7.83 Egyptian pounds.