El Wadi Co. for Touristic Investment SAE said its normalized net income for the first quarter amounted to 9 Egyptian piastres per share, a decline of 68.0% from 27 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 1.8 million pounds, a decline of 66.4% from 5.2 million pounds in the year-earlier period.

The normalized profit margin declined to 48.2% from 105.4% in the year-earlier period.

Total revenue decreased 26.5% year over year to 3.6 million pounds from 4.9 million pounds, and total operating expenses climbed 11.6% on an annual basis to 2.6 million pounds from 2.3 million pounds.

Reported net income declined 66.4% year over year to 2.8 million pounds, or 14 piastres per share, from 8.3 million pounds, or 43 piastres per share.

As of May 15, US$1 was equivalent to 7.63 Egyptian pounds.