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MMAT Q2 profit climbs YOY

Marsa Marsa Alam For Tourism Development SAE said its normalized net income for the second quarter amounted to 631,090 pounds, a rise from 73,690 pounds in the year-earlier period.

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

The normalized profit margin increased to 16.1% from 5.2% in the year-earlier period.

Total revenue declined on an annual basis to 1.4 million pounds from 1.4 million pounds, and total operating expenses came to 659,840 pounds, compared with 653,880 pounds in the prior-year period.

Reported net income grew year over year to 1.0 million pounds, or 2 piastres per share, from 117,910 pounds, or 0 piastres per share.

As of Aug. 14, US$1 was equivalent to 7.83 Egyptian pounds.