Cairo Oil & Soap Co. said its normalized net income for the fiscal first quarter ended Sept. 30 came to a loss of 44 Egyptian piastres per share, compared with a loss of 52 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 a loss of 7.0 million pounds, compared with a loss of 8.3 million pounds in the year-earlier period.

The normalized profit margin dropped to negative 40.6% from negative 13.0% in the year-earlier period.

Total revenue declined 73.2% year over year to 17.2 million pounds from 64.2 million pounds, and total operating expenses fell 65.4% on an annual basis to 25.8 million pounds from 74.5 million pounds.

Reported net income came to 25.1 million pounds, or 1.57 pounds per share, compared to a loss of 13.3 million pounds, or a loss of 83 piastres per share, in the prior-year period.

As of Nov. 10, US$1 was equivalent to 8.03 Egyptian pounds.