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Egypt Free Shops fiscal Q3 profit climbs YOY

Egypt Free Shops Co. said its normalized net income for the fiscal third quarter ended March 31 amounted to 9.9 million pounds, an increase from 9.7 million pounds in the prior-year period.

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

The normalized profit margin dropped to 10.6% from 12.6% in the year-earlier period.

Total revenue climbed 22.3% year over year to 94.0 million pounds from 76.9 million pounds, and total operating expenses rose 27.1% on an annual basis to 79.4 million pounds from 62.5 million pounds.

Reported net income rose on an annual basis to 16.9 million pounds, or 18 piastres per share, from 5.8 million pounds.

As of May 17, US$1 was equivalent to 8.88 Egyptian pounds.