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Eastern Co. fiscal Q2 profit climbs 23.5% YOY

Eastern Co. S.A.E. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 2.51 Egyptian pounds per share, an increase of 21.0% from 2.08 pounds per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 280.3 million pounds, an increase of 23.5% from 227.0 million pounds in the prior-year period.

The normalized profit margin increased to 15.0% from 12.8% in the year-earlier period.

Total revenue fell 10.9% on an annual basis to 1.58 billion pounds from 1.77 billion pounds, and total operating expenses grew 15.0% year over year to 1.41 billion pounds from 1.23 billion pounds.

Reported net income increased 14.8% from the prior-year period to 315.4 million pounds, or 2.83 pounds per share, from 274.7 million pounds, or 2.51 pounds per share.

As of Feb. 13, US$1 was equivalent to 7.63 Egyptian pounds.