Egyptian Resorts turns to profit

In H1 2019, the company incurred a net loss

  
ArabFinance: Egyptian Resorts Company (ERC) posted a consolidated net profit of EGP 25,308,761 in the first half (H1) of 2020, according to the company’s September 28thfinancial statements filed to the Egyptian Exchange.

In H1 2019, the company incurred a net loss of EGP 19,721,013.

Standalone net profit reached EGP 21,570,852 in H1 2020, against a net loss of EGP 44,341,709 in H1 2019.

The listed company's board earlier approved re-studying the establishment of 321 residential units over 44,354 square meters due to the pandemic impact on the tourism sector.

ERC is an Egypt-based company that operates in the tourism and hospitality sectors. The company is engaged in the construction and management of integrated touristic and residential projects in Sahl Hasheesh, Red Sea Governorate.

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities