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Sheeni fiscal Q2 profit falls YOY

General Co. for Ceramic & Porcelain Products said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 4 Egyptian piastres per share, a decrease of 73.2% from 13 piastres per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.8 million pounds, a decline of 73.2% from 6.6 million pounds in the year-earlier period.

The normalized profit margin declined to 4.3% from 13.9% in the year-earlier period.

Total revenue decreased 14.0% on an annual basis to 40.9 million pounds from 47.5 million pounds, and total operating expenses rose on an annual basis to 38.3 million pounds from 37.7 million pounds.

Reported net income decreased 42.5% year over year to 4.5 million pounds, or 9 piastres per share, from 7.9 million pounds, or 16 piastres per share.

As of Feb. 9, US$1 was equivalent to 7.63 Egyptian pounds.