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Egyptian International Tourism Q1 profit falls YOY

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Egyptian International Tourism Q1 profit falls YOY

Egyptian International Tourism Projects Co. said its normalized net income for the first quarter amounted to 35.6 million pounds, a decline of 35.3% from 55.0 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 fell to 5.8% from 11.0% in the year-earlier period.

Total revenue rose 22.2% on an annual basis to 611.4 million pounds from 500.5 million pounds, and total operating expenses rose 30.0% year over year to 583.7 million pounds from 449.1 million pounds.

Reported net income totaled 45.4 million pounds, compared with 82.3 million pounds in the year-earlier period.

As of April 24, US$1 was equivalent to 7.63 Egyptian pounds.