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Egyptian Resorts Q1 loss narrows YOY

Egyptian Resorts Co. SAE said its normalized net income for the first quarter amounted to 11.0 million pounds, compared with a loss of 11.1 million pounds in the year-earlier period.

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

The normalized profit margin climbed to negative 41.1% from negative 137.2% in the year-earlier period.

Total revenue rose on an annual basis to 29.4 million pounds from 8.1 million pounds, and total operating expenses increased 78.3% on an annual basis to 46.6 million pounds from 26.1 million pounds.

Reported net income totaled a loss of 2.8 million pounds, compared with a loss of 11.4 million pounds in the year-earlier period.

As of May 21, US$1 was equivalent to 7.63 Egyptian pounds.