Ismailia National Co. for Food Industries (Foodico) SAE said its normalized net income for the second quarter came to 14 Egyptian piastres per share, compared with a loss of 36 piastres per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.3 million pounds, compared with a loss of 560,170 pounds in the year-earlier period.
The normalized profit margin increased to 4.9% from negative 3.8% in the year-earlier period.
Total revenue climbed 76.1% on an annual basis to 25.7 million pounds from 14.6 million pounds, and total operating expenses rose 51.8% from the prior-year period to 24.3 million pounds from 16.0 million pounds.
Reported net income totaled 359,010 pounds, or 4 piastres per share, compared to a loss of 896,280 pounds, or a loss of 58 piastres per share, in the year-earlier period.
As of Aug. 15, US$1 was equivalent to 8.88 Egyptian pounds.