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Dice Sport & Casual Wear swings to loss in Q3

Dice Sport & Casual Wear said its third-quarter normalized net income was 2.6 million pounds, compared with income of 12.6 million 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 fell to negative 2.6% from 13.4% in the year-earlier period.

Total revenue rose 16.1% on an annual basis to 109.1 million pounds from 93.9 million pounds, and total operating expenses climbed 68.2% year over year to 104.5 million pounds from 62.1 million pounds.

Reported net income came to a loss of 5.6 million pounds, compared with income of 19.0 million pounds in the prior-year period.

As of Dec. 1, US$1 was equivalent to 17.95 Egyptian pounds.