Cairo – Mubasher: Egyptian Company for International Touristic Projects (Americana Egypt) announced turning to losses during the first half of 2019, the company’s unaudited consolidated financial indicators showed.
Americana Egypt suffered net losses of EGP 1.45 million in the six-month period ended 30 June, versus of profit of EGP 26.76 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
Meanwhile, the company’s revenues rose to EGP 1.92 billion in the January-June period of 2019, compared to EGP 1.66 billion in the corresponding period a year earlier.
At the level of standalone business, the company reported net profit of EGP 16.82 million in H1-19, compared to EGP 59.03 million in H1-18.
The negative turn in H1 consolidated financials and the drop in standalone profits were attributed to the impact of the end-of-service gratuity paid by the company.
During the first quarter of 2019, Americana Egypt turned to net losses of EGP 72.09 million, against a net profit of EGP 33.81 million in the year-ago period.
From January to March, the end-of-service gratuity payment reached EGP 124.77 million, compared to EGP 1.65 million in the corresponding period a year earlier.
