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Eastern Co. profit holds relatively steady YOY in fiscal Q3

Eastern Co. S.A.E. said its normalized net income for the fiscal third quarter ended March 31 was 2.51 Egyptian pounds per share, a gain of 11.9% from 2.24 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 251.0 million pounds, compared with 251.7 million pounds in the prior-year period.

The normalized profit margin fell to 13.8% from 14.1% in the year-earlier period.

Total revenue increased year over year to 1.85 billion pounds from 1.79 billion pounds, and total operating expenses rose year over year to 1.46 billion pounds from 1.41 billion pounds.

Reported net income grew 5.9% from the prior-year period to 271.1 million pounds, or 2.71 pounds per share, from 256.0 million pounds, or 2.28 pounds per share.

As of May 12, US$1 was equivalent to 8.88 Egyptian pounds.