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Alexandria Spinning & Weaving swings to loss in fiscal Q3

Alexandria Spinning & Weaving Co. said its normalized net income for the fiscal third quarter ended March 31 was a loss of 9.0 million pounds, compared with income of 465,710 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 declined to negative 17.0% from 0.7% in the year-earlier period.

Total revenue declined 17.7% on an annual basis to 53.0 million pounds from 64.4 million pounds, and total operating expenses decreased on an annual basis to 58.1 million pounds from 60.4 million pounds.

Reported net income totaled a loss of 14.7 million pounds, or a loss of 5 piastres per share, compared to a loss of 1.6 million pounds, or a loss of 1 piastres per share, in the year-earlier period.

As of May 14, US$1 was equivalent to 7.63 Egyptian pounds.