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Golden Pyramids Plaza Q1 profit climbs 60.8% YOY

Golden Pyramids Plaza SAE said its normalized net income for the first quarter was 3 cents per share, an increase of 60.8% from 2 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $14.5 million, a gain of 60.8% from $9.0 million in the prior-year period.

The normalized profit margin increased to 35.4% from 27.8% in the year-earlier period.

Total revenue climbed 69.3% year over year to $54.9 million from $32.4 million, and total operating expenses climbed 41.0% year over year to $20.6 million from $14.6 million.

Reported net income declined 18.7% from the prior-year period to $18.6 million, or 3 cents per share, from $22.8 million, or 4 cents per share.