Eastern Co. S.A.E. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 2.89 Egyptian pounds per share, a gain of 38.6% from 2.09 pounds per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 289.4 million pounds, a gain of 23.0% from 235.3 million pounds in the prior-year period.

The normalized profit margin rose to 16.3% from 14.9% in the year-earlier period.

Total revenue grew 8.6% on an annual basis to 1.71 billion pounds from 1.58 billion pounds, and total operating expenses rose 6.8% on an annual basis to 1.27 billion pounds from 1.19 billion pounds.

Reported net income rose 22.8% on an annual basis to 332.1 million pounds, or 3.32 pounds per share, from 270.3 million pounds, or 2.40 pounds per share.

As of Nov. 23, US$1 was equivalent to 7.83 Egyptian pounds.