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Remco Tourism swings to loss in Q2

Remco Tourism villages construction (SAE) said its second-quarter normalized net income was 12.7 million pounds, compared with income of 5.4 million 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 95.8% from 13.6% in the year-earlier period.

Total revenue fell 66.7% year over year to 13.2 million pounds from 39.6 million pounds, and total operating expenses climbed year over year to 31.7 million pounds from 30.3 million pounds.

Reported net income totaled a loss of 28.1 million pounds, compared with a loss of 9.3 million pounds, or a loss of 4 piastres per share, in the year-earlier period.

As of Aug. 31, US$1 was equivalent to 8.88 Egyptian pounds.