Trans Oceans Tours said its normalized net income for the second quarter amounted to 75,790 pounds, a decline of 43.5% from 134,190 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 21.0% from 35.6% in the year-earlier period.

Total revenue fell on an annual basis to 368,870 pounds from 377,260 pounds, and total operating expenses declined 9.0% from the prior-year period to 400,550 pounds from 440,150 pounds.

Reported net income fell 43.5% from the prior-year period to 121,270 pounds, or 0 piastres per share, from 214,700 pounds, or 0 piastres per share.

As of Aug. 10, US$1 was equivalent to 7.83 Egyptian pounds.