Trans Oceans Tours said its normalized net income for the fourth quarter amounted to a loss of 35,110 pounds, compared with income of 70,050 pounds in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 5.7% from 10.1% in the year-earlier period.

Total revenue declined 13.0% year over year to 606,330 pounds from 696,690 pounds, and total operating expenses totaled 752,720 pounds, compared with 748,510 pounds in the prior-year period.

Reported net income increased year over year to 2.6 million pounds, or 3 piastres per share, from 103,980 pounds, or 0 piastres per share.

For the year, the company's normalized net income totaled 348,360 pounds, a fall of 40.9% from 589,230 pounds in the prior year.

Full-year total revenue declined on an annual basis to 2.0 million pounds from 2.1 million pounds, and total operating expenses declined 8.8% on an annual basis to 2.0 million pounds from 2.2 million pounds.

The company said reported net income grew year over year to 3.2 million pounds, or 3 piastres per share, in the full year, from 934,680 pounds, or 1 piastres per share.

As of Feb. 25, US$1 was equivalent to 7.83 Egyptian pounds.