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Sharm Dreams swings to profit in Q2

Sharm Dreams Co. for Touristic Investment SAE said its second-quarter normalized net income was 5 Egyptian piastres per share, compared with a loss of 3 piastres per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.3 million pounds, compared with a loss of 1.4 million pounds in the year-earlier period.

The normalized profit margin increased to 32.3% from negative 24.6% in the year-earlier period.

Total revenue grew 25.9% year over year to 7.1 million pounds from 5.7 million pounds, and total operating expenses came to 6.6 million pounds, compared with 6.6 million pounds in the year-earlier period.

Reported net income came to 3.5 million pounds, or 8 piastres per share, compared to a loss of 735,000 pounds, or a loss of 2 piastres per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to 7.83 Egyptian pounds.