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El Wadi Co. swings to profit in Q4

El Wadi Co. for Touristic Investment SAE said its fourth-quarter normalized net income was 3 Egyptian piastres per share, compared with a loss of 2 piastres per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 541,240 pounds, compared with a loss of 559,250 pounds in the year-earlier period.

The normalized profit margin climbed to 11.4% from negative 15.5% in the year-earlier period.

Total revenue climbed 31.4% on an annual basis to 4.7 million pounds from 3.6 million pounds, and total operating expenses fell 13.9% from the prior-year period to 2.7 million pounds from 3.1 million pounds.

Reported net income came to 865,990 pounds, or 5 piastres per share, compared to a loss of 870,800 pounds, or a loss of 3 piastres per share, in the year-earlier period.

For the year, the company's normalized net income totaled 33 piastres per share, a fall of 34.0% from 49 piastres per share in the prior year.

Normalized net income was 6.4 million pounds, a decline of 40.7% from 10.7 million pounds in the prior year.

Full-year total revenue fell 14.5% year over year to 17.0 million pounds from 19.9 million pounds, and total operating expenses declined 7.7% year over year to 10.7 million pounds from 11.6 million pounds.

The company said reported net income fell 40.8% on an annual basis to 10.2 million pounds, or 52 piastres per share, in the full year, from 17.2 million pounds, or 79 piastres per share.

As of March 9, US$1 was equivalent to 7.83 Egyptian pounds.