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Golden Pyramids Plaza Q1 profit climbs 5.8% YOY

Golden Pyramids Plaza SAE said its normalized net income for the first quarter was 4 cents per share, an increase of 5.8% from 4 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $20.6 million, a gain of 5.8% from $19.4 million in the prior-year period.

The normalized profit margin dropped to negative 1.5% from 35.4% in the year-earlier period.

Total revenue fell on an annual basis to $53.9 million from $54.9 million, and total operating expenses decreased 22.8% year over year to $15.9 million from $20.6 million.

Reported net income increased 6.2% on an annual basis to $32.2 million, or 6 cents per share, from $30.3 million, or 6 cents per share.