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International Co. for Agricultural Crops swings to profit in fiscal Q3

International Co. for Agricultural Crops said its normalized net income for the fiscal third quarter ended March 31 came to 3.9 million pounds, compared with a loss of 232,980 pounds in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 2.9% from negative 0.2% in the year-earlier period.

Total revenue rose 41.9% year over year to 133.2 million pounds from 93.8 million pounds, and total operating expenses grew 34.5% from the prior-year period to 124.0 million pounds from 92.2 million pounds.

Reported net income came to 6.0 million pounds, or 7 piastres per share, compared to a loss of 196,760 pounds, or a loss of 0 piastres per share, in the prior-year period.

As of May 13, US$1 was equivalent to 8.88 Egyptian pounds.