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MMAT Q1 profit climbs YOY

Marsa Marsa Alam For Tourism Development SAE said its normalized net income for the first quarter amounted to 689,330 pounds, an increase from 54,190 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 increased to 49.5% from 3.3% in the year-earlier period.

Total revenue fell 13.9% on an annual basis to 1.4 million pounds from 1.6 million pounds, and total operating expenses fell 15.4% on an annual basis to 695,310 pounds from 821,440 pounds.

Reported net income increased on an annual basis to 994,310 pounds, or 2 piastres per share, from 78,270 pounds, or 0 piastres per share.

As of May 14, US$1 was equivalent to 7.63 Egyptian pounds.