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Egyptian International Tourism Q2 profit falls YOY

Egyptian International Tourism Projects Co. said its second-quarter normalized net income was 19.7 million pounds, a fall of 46.4% from 36.8 million 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 declined to 3.2% from 6.9% in the year-earlier period.

Total revenue increased 16.8% on an annual basis to 624.9 million pounds from 534.8 million pounds, and total operating expenses climbed 24.5% year over year to 591.9 million pounds from 475.3 million pounds.

Reported net income totaled 19.5 million pounds, compared with 40.3 million pounds in the prior-year period.

As of July 24, US$1 was equivalent to 7.82 Egyptian pounds.