Cairo - Mubasher: Egyptian Resorts Company reported a decrease in annual profits by 95.33% in 2016, as shown by the company’s financial results.
The company said in a statement to the Egyptian Exchange (EGX) on Thursday that profits totalled EGP 10.16 million last year compared to EGP 217.46 million in 2015.
Independent profits grew 48.7% in the previous year to EGP 326.9 million up from EGP 219.7 million in the year before, the statement noted.
Egyptian Resorts also revealed in a separate bourse filing that it achieved foreign exchange gains of EGP 88 million after the Egyptian pound's flotation, while independent financial statements showed foreign exchange earnings amounted to EGP 398.8 million.
Sahl Hasheesh for Touristic Investment, which is one of the company’s subsidiaries, saw foreign exchange losses of EGP 310.8 million.
