Cairo – Mubasher: Egyptian Company for International Touristic Projects (Americana Egypt) announced succumbing into losses during the first quarter of 2019, according to the company’s consolidated financial statements.
Americana Egypt incurred net losses of EGP 72.09 million from January to March, versus net profits of EGP 33.81 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.
Meanwhile, revenues rose to EGP 936.2 million in the three-month period ended 31 March from EGP 801.34 million in the corresponding period a year earlier.
On the other hand, costs of revenues increased to EGP 819.29 million in Q1-19, compared to EGP 716.84 million
As for standalone business, Americana Egypt suffered net losses of EGP 50.45 million from January to March, against net profits of EGP 51.88 million in the prior-year period.
For the full-year 2018, Americana Egypt’s net profits after taxes hiked to EGP 29.46 million, compared to EGP 5.5 million a year earlier.
Year-on-year, the company’s consolidated revenues rose to EGP 3.666 billion in FY18 from EGP 3.205 billion.
As for the standalone profits, Americana Egypt posted EGP 116.53 million in FY18 from EGP 27.79 million a year ago.
