Sharm Dreams Co. for Touristic Investment SAE said its normalized net income for the fourth quarter was a loss of 6 Egyptian piastres per share, compared with a loss of 4 piastres per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 3.0 million pounds, compared with a loss of 1.8 million pounds in the prior-year period.

The normalized profit margin declined to negative 64.4% from negative 27.5% in the year-earlier period.

Total revenue fell 28.3% year over year to 4.7 million pounds from 6.5 million pounds, and total operating expenses rose 14.1% year over year to 8.1 million pounds from 7.1 million pounds.

Reported net income totaled a loss of 5.1 million pounds, or a loss of 10 piastres per share, compared to a loss of 2.9 million pounds, or a loss of 6 piastres per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 9 piastres per share, compared with 4 piastres per share in the prior year.

Normalized net income was a loss of 5.0 million pounds, compared with income of 2.0 million pounds in the prior year.

Full-year total revenue decreased 6.0% from the prior-year period to 28.1 million pounds from 29.9 million pounds, and total operating expenses rose 6.7% on an annual basis to 28.5 million pounds from 26.7 million pounds.

The company said reported net income came to a loss of 8.7 million pounds, or a loss of 16 piastres per share, in the full year, compared with income of 2.0 million pounds, or 4 piastres per share, the prior year.

As of March 29, US$1 was equivalent to 8.88 Egyptian pounds.