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Upper Egypt Mills fiscal Q2 profit falls YOY

Upper Egypt Mills Co. JSC said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 2.29 Egyptian pounds per share, a decline of 10.7% from 2.56 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 16.0 million pounds, a decrease of 10.7% from 17.9 million pounds in the year-earlier period.

The normalized profit margin dropped to 2.8% from 3.2% in the year-earlier period.

Total revenue rose on an annual basis to 580.2 million pounds from 564.9 million pounds, and total operating expenses rose year over year to 565.1 million pounds from 541.4 million pounds.

Reported net income decreased 11.7% year over year to 24.7 million pounds, or 3.53 pounds per share, from 28.0 million pounds, or 4.00 pounds per share.

As of Feb. 27, US$1 was equivalent to 7.62 Egyptian pounds.