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Cairo Oil & Soap fiscal Q3 loss narrows YOY

Cairo Oil & Soap Co. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 40 Egyptian piastres per share, compared with a loss of 48 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 6.4 million pounds, compared with a loss of 7.6 million pounds in the year-earlier period.

The normalized profit margin fell to negative 29.2% from negative 4.5% in the year-earlier period.

Total revenue fell 87.1% year over year to 22.0 million pounds from 169.6 million pounds, and total operating expenses fell 83.6% from the prior-year period to 29.5 million pounds from 179.3 million pounds.

Reported net income totaled a loss of 11.0 million pounds, or a loss of 69 piastres per share, compared to a loss of 7.1 million pounds, or a loss of 44 piastres per share, in the prior-year period.

As of May 18, US$1 was equivalent to 7.63 Egyptian pounds.