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International Co. for Agricultural Crops fiscal Q2 profit climbs YOY

International Co. for Agricultural Crops said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 2.8 million pounds, a rise from 435,360 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 climbed to 2.1% from 0.3% in the year-earlier period.

Total revenue declined 10.3% year over year to 130.0 million pounds from 144.9 million pounds, and total operating expenses decreased 12.9% on an annual basis to 123.2 million pounds from 141.5 million pounds.

Reported net income grew on an annual basis to 4.2 million pounds, or 5 piastres per share, from 298,550 pounds, or 0 piastres per share.

As of Feb. 13, US$1 was equivalent to 7.63 Egyptian pounds.