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Dice Sport & Casual Wear swings to loss in Q1

Dice Sport & Casual Wear said its first-quarter normalized net income was a loss of 13 Egyptian piastres per share, compared with 30 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 3.6 million pounds, compared with income of 8.5 million pounds in the year-earlier period.

The normalized profit margin fell to negative 2.4% from 7.6% in the year-earlier period.

Total revenue climbed 30.7% on an annual basis to 145.0 million pounds from 110.9 million pounds, and total operating expenses rose 39.4% on an annual basis to 128.2 million pounds from 92.0 million pounds.

Reported net income totaled a loss of 7.6 million pounds, or a loss of 27 piastres per share, compared to income of 14.7 million pounds, or 53 piastres per share, in the year-earlier period.

As of July 15, US$1 was equivalent to 8.89 Egyptian pounds.