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Misr Oil & Soap swings to loss in fiscal Q2

Misr Oil & Soap Co. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to a loss of 56 Egyptian piastres per share, compared with 12 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 3.3 million pounds, compared with income of 719,150 pounds in the year-earlier period.

The normalized profit margin dropped to negative 3.8% from 0.8% in the year-earlier period.

Total revenue totaled 88.7 million pounds, compared with 88.6 million pounds in the year-earlier period, and total operating expenses rose 7.5% on an annual basis to 94.5 million pounds from 87.9 million pounds.

Reported net income totaled a loss of 5.3 million pounds, or a loss of 89 piastres per share, compared to income of 1.2 million pounds, or 19 piastres per share, in the year-earlier period.

As of Feb. 12, US$1 was equivalent to 7.63 Egyptian pounds.