Remco Tourism villages construction (SAE) said its normalized net income for the first quarter amounted to 2.0 million pounds, a gain of 15.5% from 1.7 million pounds in the prior-year period.

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

The normalized profit margin declined to 5.3% from 6.9% in the year-earlier period.

Total revenue rose 49.9% on an annual basis to 37.3 million pounds from 24.9 million pounds, and total operating expenses grew 22.9% year over year to 28.0 million pounds from 22.8 million pounds.

Reported net income totaled a loss of 9.4 million pounds, or a loss of 4 piastres per share, compared to a loss of 6.5 million pounds, or a loss of 3 piastres per share, in the prior-year period.

As of May 29, US$1 was equivalent to 7.63 Egyptian pounds.