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Pyramisa Hotels & Resorts Q1 profit climbs 56.3% YOY

Pyramisa Hotels & Resorts said its first-quarter normalized net income was 37 Egyptian piastres per share, an increase of 56.3% from 23 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 7.9 million pounds, an increase of 56.3% from 5.1 million pounds in the prior-year period.

The normalized profit margin climbed to 30.5% from 21.8% in the year-earlier period.

Total revenue increased 11.6% year over year to 25.9 million pounds from 23.3 million pounds, and total operating expenses grew year over year to 12.4 million pounds from 12.1 million pounds.

Reported net income declined 34.4% from the prior-year period to 11.8 million pounds, or 55 piastres per share, from 18.0 million pounds, or 83 piastres per share.

As of May 12, US$1 was equivalent to 7.64 Egyptian pounds.