Orascom for Hotels & Development SAE said its normalized net income for the first quarter amounted to 21 Egyptian piastres per share, an increase from 10 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 46.4 million pounds, a gain from 21.6 million pounds in the year-earlier period.

The normalized profit margin rose to 10.2% from 4.9% in the year-earlier period.

Total revenue grew year over year to 453.4 million pounds from 440.0 million pounds, and total operating expenses decreased 23.9% from the prior-year period to 277.2 million pounds from 364.3 million pounds.

Reported net income grew 91.0% year over year to 52.7 million pounds, or 24 piastres per share, from 27.6 million pounds, or 12 piastres per share.

As of May 21, US$1 was equivalent to 7.63 Egyptian pounds.