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Orascom for Hotels & DevelopmentE swings to profit in Q2

Orascom for Hotels & Development SAE said its second-quarter normalized net income came to 39 Egyptian piastres per share, compared with a loss of 17 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 86.3 million pounds, compared with a loss of 36.8 million pounds in the prior-year period.

The normalized profit margin increased to 17.8% from negative 11.9% in the year-earlier period.

Total revenue rose 56.0% year over year to 483.8 million pounds from 310.2 million pounds, and total operating expenses came to 297.1 million pounds, compared with 296.1 million pounds in the prior-year period.

Reported net income totaled 114.4 million pounds, or 52 piastres per share, compared to a loss of 69.2 million pounds, or a loss of 31 piastres per share, in the year-earlier period.

As of Aug. 18, US$1 was equivalent to 7.83 Egyptian pounds.