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Upper Egypt Mills fiscal Q1 profit falls YOY

Upper Egypt Mills Co. JSC said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 2.61 Egyptian pounds per share, a decrease from 2.67 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 18.3 million pounds, a decline from 18.7 million pounds in the year-earlier period.

The normalized profit margin declined to 3.1% from 3.4% in the year-earlier period.

Total revenue climbed 7.4% on an annual basis to 595.0 million pounds from 554.0 million pounds, and total operating expenses climbed 7.7% year over year to 569.7 million pounds from 529.0 million pounds.

Reported net income fell year over year to 28.2 million pounds, or 4.02 pounds per share, from 28.7 million pounds, or 4.10 pounds per share.

As of Nov. 28, US$1 was equivalent to 7.15 Egyptian pounds.