Jan 15 2012 |
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Egypt's Suez Canal Earnings Top $5B For 2011
Sunday, Jan 15, 2012
ISMAILIYA, Egypt (AFP)--Egypt's Suez Canal Authority earned $5.22 billion in revenue last year, almost half a billion dollars more than the previous year, its chairman said Sunday.
Ahmad Fadel told reporters that revenue for 2011 increased by $456 million compared with the previous year.
The rise came despite a 1.1% drop in the number of ships that passed through the canal to 17,799 vessels in 2011 compared with the previous year, Fadel said, without providing a reason.
Later Sunday, Egypt was to issue its 2012 tourist sector outlook and give final data for last year, which saw a slump in arrivals amid an uprising that toppled Hosni Mubarak.
According to the central bank, foreign reserves in Egypt have fallen to $18 billion from $36 billion at the beginning of the year.
(END) Dow Jones Newswires
15-01-12 1331GMT
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