Cairo – Mubasher: Golden Pyramids Plaza on Wednesday said its consolidated profits declined 44% year-on-year for the first half of 2018, pressured by the drop in revenues.
Net profits amounted to $18.05 million in H1-18, compared to $32.3 million in H1-17, according to the company’s statement to the Egyptian Exchange (EGX).
Revenues also retreated to $68.1 million during the six-month ended June, from $74.2 million in the same period of the prior 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.
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.
