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Sharm Dreams swings to loss in Q1

Sharm Dreams Co. for Touristic Investment SAE said its normalized net income for the first quarter amounted to a loss of 5.8 million pounds, compared with income of 376,250 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 declined to negative 112.4% from 6.9% in the year-earlier period.

Total revenue declined 5.9% year over year to 5.1 million pounds from 5.4 million pounds, and total operating expenses climbed 16.0% on an annual basis to 6.7 million pounds from 5.8 million pounds.

Reported net income came to a loss of 10.0 million pounds, or a loss of 22 piastres per share, compared to income of 360,000 pounds, or 1 piastres per share, in the year-earlier period.

As of May 14, US$1 was equivalent to 7.63 Egyptian pounds.