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Middle & West Delta Flour Mills fiscal Q2 profit falls YOY

Middle & West Delta Flour Mills Co. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 1.58 Egyptian pounds per share, a decrease of 23.8% from 2.07 pounds per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 11.8 million pounds, a decline of 23.8% from 15.5 million pounds in the prior-year period.

The normalized profit margin dropped to 1.2% from 1.6% in the year-earlier period.

Total revenue rose year over year to 1.01 billion pounds from 990.5 million pounds, and total operating expenses increased on an annual basis to 991.6 million pounds from 945.4 million pounds.

Reported net income grew 50.0% year over year to 31.1 million pounds, or 4.15 pounds per share, from 20.7 million pounds, or 2.77 pounds per share.

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