Trans Oceans Tours’ H1 profit plunges 72.5%
Updated 8/9/2020 9:39:00 AM
ArabFinance: Trans Oceans Tours (TRTO) posted a net profit after tax worth EGP 951,375 during the first half (H1) of 2020, according to the initial income statement of the company to the Egyptian Exchange.
This marked a 72.55% annual decline compared to EGP 3.46 million in H1 2019.
The company attributed the drop in H1 profit to the outbreak of COVID-19, which led to a full suspension of tourism. Egypt has resumed tourist activities and air traffic since July 1st.
Earnings per share also decreased to EGP 0.0076 in H1 2020 from EGP 0.035 in the corresponding period a year ago.
Revenues shrank by 41.97% Year on Year (YoY) to EGP 3.53 million during the January-June period this year, compared with EGP 6.09 million in H1 2019.
During the first quarter of 2020, Trans Oceans Tours posted a 78.49% YoY decline in net profit.
