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El Shams Pyramids Q4 loss narrows YOY

El Shams Pyramids Co. For Hotels & Touristic Projects SAE said its normalized net income for the fourth quarter came to a loss of $299,460, compared with a loss of $1.1 million in the prior-year period.

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

Total revenue fell 98.2% on an annual basis to $4,920 from $271,720, and total operating expenses totaled $1.1 million, compared with $1.1 million in the prior-year period.

Reported net income came to a loss of $479,520, or a loss of 1 cents per share, compared to a loss of $2.1 million, or a loss of 3 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 6 cents per share, compared with a loss of 8 cents per share in the prior year.

Normalized net income was a loss of $2.6 million, compared with a loss of $3.5 million in the prior year.

Full-year total revenue declined 84.0% year over year to $44,570 from $278,970, and total operating expenses declined on an annual basis to $4.2 million from $4.3 million.

The company said reported net income came to a loss of $4.2 million, or a loss of 9 cents per share, in the full year, compared with a loss of $5.5 million, or a loss of 12 cents per share, the prior year.