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Alexandria Spinning & Weaving swings to loss in fiscal Q2

Alexandria Spinning & Weaving Co. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to a loss of 4.5 million pounds, compared with income of 729,670 pounds in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 8.9% from 1.1% in the year-earlier period.

Total revenue fell 22.3% year over year to 51.1 million pounds from 65.8 million pounds, and total operating expenses decreased 9.2% year over year to 54.0 million pounds from 59.4 million pounds.

Reported net income came to a loss of 7.6 million pounds, or a loss of 3 piastres per share, compared to a loss of 1.1 million pounds, or a loss of 0 piastres per share, in the year-earlier period.

As of Feb. 16, US$1 was equivalent to 7.63 Egyptian pounds.