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Egyptian International Tourism Q2 profit falls YOY

Egyptian International Tourism Projects Co. said its second-quarter normalized net income amounted to 829,340 pounds, a decrease of 95.8% from 19.7 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 fell to 0.1% from 3.2% in the year-earlier period.

Total revenue totaled 622.9 million pounds, compared with 624.9 million pounds in the year-earlier period, and total operating expenses rose 5.1% on an annual basis to 621.9 million pounds from 591.9 million pounds.

Reported net income came to a loss of 1.4 million pounds, compared with income of 19.5 million pounds in the prior-year period.

As of July 22, US$1 was equivalent to 8.88 Egyptian pounds.