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.
