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NUDAP swings to loss in Q3

Northern Upper Egypt Development & Agricultural Production Co. said its normalized net income for the third quarter came to a loss of 6 Egyptian piastres per share, compared with 11 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 389,870 pounds, compared with income of 387,210 pounds in the year-earlier period.

The normalized profit margin dropped to negative 3.1% from 78.0% in the year-earlier period.

Total revenue rose on an annual basis to 12.6 million pounds from 496,640 pounds, and total operating expenses rose on an annual basis to 12.8 million pounds from 1.0 million pounds.

Reported net income came to a loss of 466,870 pounds, or a loss of 7 piastres per share, compared to income of 195,680 pounds, or 6 piastres per share, in the year-earlier period.

As of Nov. 12, US$1 was equivalent to 7.83 Egyptian pounds.