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Cairo Oil & Soap fiscal Q1 loss widens YOY

Cairo Oil & Soap Co. said its normalized net income for the fiscal first quarter ended Sept. 30 was a loss of 52 Egyptian piastres per share, compared with a loss of 51 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 a loss of 8.3 million pounds, compared with a loss of 8.2 million pounds in the year-earlier period.

The normalized profit margin declined to negative 13.0% from negative 12.2% in the year-earlier period.

Total revenue fell on an annual basis to 64.2 million pounds from 67.4 million pounds, and total operating expenses declined 5.0% year over year to 74.5 million pounds from 78.4 million pounds.

Reported net income came to a loss of 13.3 million pounds, or a loss of 83 piastres per share, compared to a loss of 14.6 million pounds, or a loss of 91 piastres per share, in the year-earlier period.

As of Nov. 24, US$1 was equivalent to 7.15 Egyptian pounds.