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Egypt for Poultry swings to loss in fiscal Q1

Egypt for Poultry said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 374,320 pounds, compared with income of 68,010 pounds in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 13.3% from 1.7% in the year-earlier period.

Total revenue declined 30.8% on an annual basis to 2.8 million pounds from 4.1 million pounds, and total operating expenses fell 6.2% from the prior-year period to 4.3 million pounds from 4.5 million pounds.

Reported net income totaled a loss of 637,230 pounds, or a loss of 1 piastres per share, compared to income of 113,060 pounds, or 0 piastres per share, in the prior-year period.

As of Aug. 18, US$1 was equivalent to 7.15 Egyptian pounds.