Pyramisa Hotels & Resorts said its first-quarter normalized net income amounted to a loss of 9 Egyptian piastres per share, compared with 37 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 1.9 million pounds, compared with income of 7.9 million pounds in the prior-year period.

The normalized profit margin dropped to negative 12.7% from 30.5% in the year-earlier period.

Total revenue decreased 41.7% on an annual basis to 15.1 million pounds from 25.9 million pounds, and total operating expenses rose 38.9% from the prior-year period to 17.2 million pounds from 12.4 million pounds.

Reported net income decreased 91.7% from the prior-year period to 977,470 pounds, or 5 piastres per share, from 11.8 million pounds, or 55 piastres per share.

As of May 20, US$1 was equivalent to 8.89 Egyptian pounds.