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Egyptian Starch & Glucose Q2 profit falls YOY

Egyptian Starch & Glucose Manufacturing Co. said its normalized net income for the second quarter amounted to 5.3 million pounds, a decrease of 34.4% from 8.1 million 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 dropped to 4.0% from 4.6% in the year-earlier period.

Total revenue decreased 24.8% year over year to 131.1 million pounds from 174.4 million pounds, and total operating expenses declined 23.8% from the prior-year period to 118.8 million pounds from 155.8 million pounds.

Reported net income came to 7.8 million pounds, compared with 12.1 million pounds, or 24 piastres per share, in the year-earlier period.

As of July 13, US$1 was equivalent to 7.83 Egyptian pounds.