Cairo – Mubasher: Egyptian Company for International Tourism Projects (Americana Egypt) has succumbed into losses during the first quarter of 2019, according to the company’s standalone financial statements.
Americana Egypt incurred net losses of EGP 50.45 million in the January-March period of 2019, against net profits of EGP 51.88 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Thursday.
Year-on-year, the company’s general and administrative expenses rose to EGP 24.36 million in Q1-19 from EGP 20.508 million.
For the full-year 2018, Americana Egypt’s net profits after taxes totalled EGP 29.46 million, compared to EGP 5.5 million a year earlier.
Consolidated revenues grew to EGP 3.666 billion in the 12-month period ended 31 December 2018 from EGP 3.205 billion in 2017.
As for standalone profits, Americana Egypt posted EGP 116.53 million last year from EGP 27.79 million in 2017.
