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Golden Pyramids Plaza swings to loss in Q2

Golden Pyramids Plaza SAE said its normalized net income for the second quarter amounted to a loss of $15.8 million, compared with income of $1.8 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 17.7% from 5.4% in the year-earlier period.

Total revenue fell 7.5% year over year to $31.4 million from $33.9 million, and total operating expenses increased 22.4% from the prior-year period to $15.7 million from $12.9 million.

Reported net income came to a loss of $34.4 million, or a loss of 6 cents per share, compared to a loss of $10.7 million, or a loss of 2 cents per share, in the year-earlier period.