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Trans Oceans Tours Q1 profit falls YOY

Trans Oceans Tours said its first-quarter normalized net income was 49,250 pounds, a decline of 67.0% from 149,150 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 dropped to 12.5% from 34.8% in the year-earlier period.

Total revenue decreased 8.1% year over year to 394,060 pounds from 428,690 pounds, and total operating expenses declined 9.0% on an annual basis to 474,560 pounds from 521,270 pounds.

Reported net income declined 67.0% year over year to 78,800 pounds, or 0 piastres per share, from 238,650 pounds, or 0 piastres per share.

As of May 14, US$1 was equivalent to 7.63 Egyptian pounds.