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Misr Hotels swings to profit in fiscal Q3

Misr Hotels Co. said its normalized net income for the fiscal third quarter ended March 31 came to 42 Egyptian piastres per share, compared with a loss of 37 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 5.6 million pounds, compared with a loss of 4.9 million pounds in the prior-year period.

The normalized profit margin was 200.9%.

Reported net income came to 6.1 million pounds, or 46 piastres per share, compared to a loss of 7.8 million pounds, or a loss of 59 piastres per share, in the year-earlier period.

As of May 10, US$1 was equivalent to 8.88 Egyptian pounds.