El Wadi Co. for Touristic Investment SAE said its normalized net income for the first quarter amounted to 21 Egyptian piastres per share, an increase from 9 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 4.3 million pounds, a gain from 1.8 million pounds in the prior-year period.

The normalized profit margin climbed to 184.1% from 48.2% in the year-earlier period.

Total revenue fell 35.9% year over year to 2.3 million pounds from 3.6 million pounds, and total operating expenses decreased from the prior-year period to 2.6 million pounds from 2.6 million pounds.

Reported net income increased year over year to 6.9 million pounds, or 34 piastres per share, from 2.8 million pounds, or 14 piastres per share.

As of June 27, US$1 was equivalent to 8.88 Egyptian pounds.