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Arabia Cotton Ginning fiscal Q3 profit falls YOY

Arabia Cotton Ginning Co. said its normalized net income for the fiscal third quarter ended March 31 amounted to 3 Egyptian piastres per share, a decrease of 12.2% from 4 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 9.1 million pounds, a decline of 12.2% from 10.3 million pounds in the year-earlier period.

The normalized profit margin declined to 3.1% from 3.6% in the year-earlier period.

Total revenue rose on an annual basis to 291.5 million pounds from 285.8 million pounds, and total operating expenses came to 273.1 million pounds, compared with 270.5 million pounds in the prior-year period.

Reported net income declined 81.2% year over year to 1.2 million pounds, or 0 piastres per share, from 6.6 million pounds, or 3 piastres per share.

As of May 28, US$1 was equivalent to 7.63 Egyptian pounds.