Pyramisa Hotels & Resorts said its third-quarter normalized net income came to 61 Egyptian piastres per share, a decline of 15.3% from 72 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 13.2 million pounds, a decline of 15.3% from 15.6 million pounds in the prior-year period.
The normalized profit margin fell to 35.2% from 38.4% in the year-earlier period.
Total revenue fell 7.8% on an annual basis to 37.5 million pounds from 40.7 million pounds, and total operating expenses grew 11.8% year over year to 15.3 million pounds from 13.7 million pounds.
Reported net income declined 39.7% from the prior-year period to 20.4 million pounds, or 95 piastres per share, from 33.9 million pounds, or 1.57 pounds per share.
As of Nov. 10, US$1 was equivalent to 8.03 Egyptian pounds.