Golden Pyramids’ consolidated profits drop 57% in Q1

Consolidated profits more than halved in the first quarter of its fiscal year

  

Golden Pyramids Plaza on Monday said its consolidated profits more than halved in the first quarter of its fiscal year.

Year-on-year, the hotel operator’s consolidated profits dropped 57.2% to $11.26 million between January and March from $26.32 million.

Revenues also retreated to $30.94 million in Q1-18 from $44.91 million the corresponding period of 2017, Golden Pyramids Plaza said in a statement to the Egyptian Exchange (EGX).

In August, Golden Pyramids Plaza reported $10.36 million in standalone profits for the first three months of the year, down 52% from $21.6 million in the same period of the previous year.

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