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Sharm Dreams Q3 profit climbs 55.0% YOY

Sharm Dreams Co. for Touristic Investment SAE said its third-quarter normalized net income amounted to 6 Egyptian piastres per share, a decrease of 59.7% from 14 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 3.0 million pounds, an increase of 55.0% from 1.9 million pounds in the prior-year period.

The normalized profit margin climbed to 42.4% from 17.3% in the year-earlier period.

Total revenue fell 36.8% year over year to 7.1 million pounds from 11.2 million pounds, and total operating expenses grew 15.4% from the prior-year period to 8.2 million pounds from 7.1 million pounds.

Reported net income grew 57.2% from the prior-year period to 4.6 million pounds, or 9 piastres per share, from 2.9 million pounds, or 22 piastres per share.

As of Nov. 14, US$1 was equivalent to 15.50 Egyptian pounds.