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Egyptian Resorts swings to profit in Q2

Egyptian Resorts Co. SAE said its normalized net income for the second quarter came to 115.3 million pounds, compared with a loss of 3.1 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 rose to 39.0% from negative 7.0% in the year-earlier period.

Total revenue climbed on an annual basis to 270.1 million pounds from 44.4 million pounds, and total operating expenses rose 57.1% on an annual basis to 83.6 million pounds from 53.2 million pounds.

Reported net income came to 168.4 million pounds, compared with a loss of 7.0 million pounds in the prior-year period.

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