Egyptian Resorts Cos losses balloon 40% in 9 months

Cairo – Mubasher: The Egyptian Resorts Co posed a 40% year-on-year increase in its net losses during the first nine months of 2019, the company’s consolidated financial statement showed.

The company suffered net losses of EGP 15.2 million in the nine-month period ended 30 September, down from EGP 25.63 million in the prior-year period, including minority shareholders’ rights, according to a bourse filing on Sunday.

Meanwhile, the company’s revenues fell to EGP 42.8 million in the January-September period, compared to EGP 32.8 million in the corresponding period of 2018.

As for standalone financials, the EGX-listed firm’s net losses grew to EGP 57.13 million in the first nine months of the year from EGP 22.57 million a year earlier.

It is noteworthy that during the first six months of 2019, the company reported net losses of EGP 12.83 million, compared to EGP 9.31 million in the year-ago period.

Source: Mubasher

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