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El Nasr Manufacturing fiscal Q1 loss widens 38.7% YOY

El Nasr for Manufacturing Agricultural Crops SAE said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 40 Egyptian piastres per share, compared with a loss of 29 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 3.1 million pounds, compared with a loss of 2.3 million pounds in the prior-year period.

Total revenue rose year over year to 427,220 pounds from 37,950 pounds, and total operating expenses increased 56.7% on an annual basis to 4.1 million pounds from 2.6 million pounds.

Reported net income increased from the prior-year period to 3.5 million pounds, or 45 piastres per share, from 151,570 pounds, or 2 piastres per share.

As of Aug. 14, US$1 was equivalent to 7.83 Egyptian pounds.