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Egypt Free Shops fiscal Q1 profit climbs YOY

Egypt Free Shops Co. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 8.4 million pounds, an increase from 196,620 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 10.3% from 0.4% in the year-earlier period.

Total revenue grew 72.8% year over year to 81.5 million pounds from 47.2 million pounds, and total operating expenses climbed 43.3% from the prior-year period to 69.0 million pounds from 48.1 million pounds.

Reported net income grew from the prior-year period to 9.9 million pounds, or 11 piastres per share, from 271,790 pounds, or 0 piastres per share.

As of Nov. 14, US$1 was equivalent to 7.15 Egyptian pounds.