Northern Upper Egypt Development & Agricultural Production Co. said its normalized net income for the third quarter came to a loss of 10 Egyptian piastres per share, compared with a loss of 6 piastres per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 613,340 pounds, compared with a loss of 389,870 pounds in the prior-year period.
The normalized profit margin declined to negative 14.0% from negative 3.1% in the year-earlier period.
Total revenue decreased 65.1% on an annual basis to 4.4 million pounds from 12.6 million pounds, and total operating expenses declined 56.6% from the prior-year period to 5.6 million pounds from 12.8 million pounds.
Reported net income came to a loss of 1.1 million pounds, or a loss of 17 piastres per share, compared to a loss of 466,870 pounds, or a loss of 7 piastres per share, in the prior-year period.
As of Nov. 15, US$1 was equivalent to 15.29 Egyptian pounds.