National Co. for Maize Products said its normalized net income for the first quarter was 6 Egyptian piastres per share, a decrease of 94.0% from 96 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 1.7 million pounds, a decrease of 92.4% from 22.6 million pounds in the year-earlier period.

The normalized profit margin declined to 0.7% from 9.8% in the year-earlier period.

Total revenue decreased 20.6% on an annual basis to 182.7 million pounds from 230.0 million pounds, and total operating expenses decreased 7.9% on an annual basis to 176.8 million pounds from 191.9 million pounds.

Reported net income fell 87.8% from the prior-year period to 2.2 million pounds, or 7 piastres per share, from 17.9 million pounds, or 76 piastres per share.

As of May 15, US$1 was equivalent to 7.63 Egyptian pounds.