Bisco Misr reported a 23.5 percent fall in net income for the second quarter of 2010 to reach LE 4.1 million.

Sales grew by 23.5 percent from the previous year to LE 67.8 million while gross profit remained unchanged at LE 17.5 million.

A growth in sales was attributed to a 12.5 percent annual increase in local sales — comprising 88.4 percent — as well as a 85.6 percent annual increase in export sales.

The company said the decline in net profit is due to an increase in selling and distribution expenses 23.4 percent, as well as a deferred tax amounting to LE 1.4 million.