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ALRA Processing swings to loss in Q4

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ALRA Processing swings to loss in Q4

Atlas for Land Reclamation & Agricultural Processing SAE said its fourth-quarter normalized net income amounted to a loss of 5 Egyptian piastres per share, compared with 67 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 a loss of 300,600 pounds, compared with income of 1.3 million pounds in the year-earlier period.

The normalized profit margin dropped to 37.5% from 42.4% in the year-earlier period.

Total revenue grew 14.2% on an annual basis to 3.6 million pounds from 3.2 million pounds, and total operating expenses climbed 36.4% from the prior-year period to 1.5 million pounds from 1.1 million pounds.

Reported net income grew 22.9% year over year to 2.2 million pounds, or 36 piastres per share, from 1.8 million pounds, or 88 piastres per share.

For the year, the company's normalized net income totaled 7 piastres per share, a decline of 96.4% from 1.86 pounds per share in the prior year.

Normalized net income was 377,830 pounds, a decline of 89.9% from 3.7 million pounds in the prior year.

Full-year total revenue fell 41.9% from the prior-year period to 5.8 million pounds from 9.9 million pounds, and total operating expenses rose 49.9% year over year to 6.1 million pounds from 4.0 million pounds.

The company said reported net income decreased 34.9% year over year to 3.2 million pounds, or 58 piastres per share, in the full year, from 5.0 million pounds, or 2.50 pounds per share.

As of March 30, US$1 was equivalent to 8.88 Egyptian pounds.