Cairo – Mubasher: Egyptian Resorts Co. on Tuesday posted an 85.6% year-on-year drop in losses for the second quarter of 2017 due to higher revenues.
The firm’s losses reached EGP 5.10 million in the three months ended June 2017, down from EGP 35.44 million in the prior-year period, including minority shareholders’ rights, according to a bourse filing.
Revenues from operations doubled to EGP 10.87 million in Q2-17 compared to EGP 5.2 million in Q2-16.
In the first half of 2017, Egyptian Resorts achieved profits of EGP 60.97 million, versus losses of EGP 36.87 million in H1-16.
Consolidated profits amounted to EGP 39.57 million in H1-17 against a consolidated loss of EGP 4.10 million in the year-ago period.
In the three months ended March 2017, the Egyptian company achieved profits of EGP 66.08 million, versus losses of EGP 1.4 million in the corresponding period of 2016, including minority shareholders’ rights.
By 2:29 pm Cairo time, Egyptian Resorts’ stock slipped 0.95% to EGP 1.04, with a turnover of EGP 4.9 million.
