Cairo – Mubasher: Remco for Tourism Villages Construction (Remco) reported a 19.2% year-on-year drop in consolidated profits for fiscal year 2018.
The company has logged EGP 220.86 million in profits last year, compared to EGP 273.13 million in 2017, according to a filing to the Egyptian Exchange (EGX).
Operating expenses hiked by 60.7% in 2018 to EGP 143 million, versus EGP 88.97 million a year earlier.
At the level of for standalone business, profits fell by 39.19% year-on-year to EGP 106.64 million in 2018, versus EGP 175.36 million in 2017.
It is worth noting that Remco had incurred EGP 71.7 million in losses during the January-to-September period of 2018, versus losses of EGP 88.6 million in the corresponding period of 2017.
