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NUDAP swings to profit in Q1

Northern Upper Egypt Development & Agricultural Production Co. said its normalized net income for the first quarter came to 51,270 pounds, compared with a loss of 268,030 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 climbed to 2.8% from negative 12.7% in the year-earlier period.

Total revenue declined 13.7% on an annual basis to 1.8 million pounds from 2.1 million pounds, and total operating expenses declined on an annual basis to 2.4 million pounds from 2.5 million pounds.

Reported net income came to 134,730 pounds, or 2 piastres per share, compared to a loss of 456,900 pounds, or a loss of 15 piastres per share, in the year-earlier period.

As of May 13, US$1 was equivalent to 7.63 Egyptian pounds.