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El Wadi Co. Q2 profit falls YOY

El Wadi Co. for Touristic Investment SAE said its normalized net income for the second quarter came to 5 Egyptian piastres per share, a decline of 71.4% from 18 piastres per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.0 million pounds, a decrease of 68.9% from 3.3 million pounds in the year-earlier period.

The normalized profit margin dropped to 41.1% from 89.9% in the year-earlier period.

Total revenue declined 31.9% on an annual basis to 2.5 million pounds from 3.6 million pounds, and total operating expenses fell 12.2% from the prior-year period to 2.5 million pounds from 2.9 million pounds.

Reported net income fell 68.9% year over year to 1.6 million pounds, or 8 piastres per share, from 5.2 million pounds, or 28 piastres per share.

As of Oct. 19, US$1 was equivalent to 8.88 Egyptian pounds.