Cairo – Mubasher: Remco for Tourism Villages Construction (RTVC) announced turning profitable during the first half of 2019, according to the company’s consolidated financial statements.
The company reported a net profit of EGP 2.6 million in the six-month period ended 30 June, versus a loss of EGP 78.14 million in the corresponding period a year earlier, according to a statement to the Egyptian Exchange (EGX) on Sunday.
As for the second quarter of 2019, Remco logged a profit of EGP 66.48 million, against a loss of EGP 8.1 million in Q2-18.
The company’s gross profit from real estate activity totalled EGP 255.45 million in H1-19.
On the other hand, the company’s total profit from hotel activity retreated to EGP 29.38 million in H1-19 from EGP 72.96 million in H1-18.
In Q2-19, the company generated revenues from the real estate sector of EGP 254.59 million.
At the level of standalone business, Remco previously reported a loss of EGP 130.85 million in the six-month period ended 30 June, compared to EGP 82.06 million in the year-ago period.
