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Golden Coast profit holds relatively steady YOY in Q1

Golden Coast Co. said its normalized net income for the first quarter amounted to 6 Egyptian piastres per share, compared with 6 piastres per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 641,500 pounds, compared with 640,570 pounds in the year-earlier period.

The normalized profit margin dropped to 24.1% from 29.3% in the year-earlier period.

Total revenue increased 21.7% year over year to 2.7 million pounds from 2.2 million pounds, and total operating expenses increased 37.1% on an annual basis to 1.6 million pounds from 1.2 million pounds.

Reported net income came to 928,890 pounds, or 9 piastres per share, compared to 927,550 pounds, or 9 piastres per share, in the prior-year period.

As of May 14, US$1 was equivalent to 7.63 Egyptian pounds.