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Egyptian Resorts swings to profit in Q3

Egyptian Resorts Co. SAE said its normalized net income for the third quarter was 6.5 million pounds, compared with a loss of 4.6 million pounds in the prior-year period.

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

The normalized profit margin climbed to 13.1% from negative 27.6% in the year-earlier period.

Total revenue grew year over year to 49.5 million pounds from 16.7 million pounds, and total operating expenses climbed 19.7% year over year to 46.6 million pounds from 38.9 million pounds.

Reported net income totaled 7.9 million pounds, compared with a loss of 12.0 million pounds, or a loss of 1 piastres per share, in the prior-year period.

As of Nov. 15, US$1 was equivalent to 15.29 Egyptian pounds.