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Remco Tourism swings to loss in Q3

Remco Tourism villages construction (SAE) said its normalized net income for the third quarter came to 3.8 million pounds, compared with income of 876,960 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 declined to negative 11.6% from 2.4% in the year-earlier period.

Total revenue fell 10.2% year over year to 33.2 million pounds from 37.0 million pounds, and total operating expenses rose 14.6% from the prior-year period to 37.1 million pounds from 32.4 million pounds.

Reported net income came to a loss of 21.1 million pounds, compared with a loss of 28.5 million pounds, or a loss of 11 piastres per share, in the prior-year period.

As of Nov. 30, US$1 was equivalent to 17.78 Egyptian pounds.