Orascom for Hotels & Development SAE said its normalized net income for the fourth quarter was a loss of 14 Egyptian piastres per share, compared with a loss of 14 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 a loss of 31.4 million pounds, compared with a loss of 31.4 million pounds in the year-earlier period.

The normalized profit margin climbed to negative 9.7% from negative 10.2% in the year-earlier period.

Total revenue grew 5.8% on an annual basis to 325.0 million pounds from 307.2 million pounds, and total operating expenses rose 5.7% year over year to 363.7 million pounds from 344.1 million pounds.

Reported net income totaled a loss of 61.1 million pounds, or a loss of 28 piastres per share, compared to income of 73.0 million pounds, or 33 piastres per share, in the prior-year period.

For the year, the company's normalized net income totaled 81 piastres per share, compared with a loss of 21 piastres per share in the prior year.

Normalized net income was 180.6 million pounds, compared with a loss of 46.0 million pounds in the prior year.

Full-year total revenue rose 23.6% from the prior-year period to 1.77 billion pounds from 1.43 billion pounds, and total operating expenses totaled 1.26 billion pounds, compared with 1.27 billion pounds in the prior-year period.

The company said reported net income increased year over year to 228.9 million pounds, or 1.03 pounds per share, in the full year, from 100.0 million pounds, or 45 piastres per share.

As of March 30, US$1 was equivalent to 8.88 Egyptian pounds.