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.