ERC turns to loss in 9 months
Updated 11/23/2021 11:36:40 AM
ArabFinance: Egyptian Resorts Company (ERC) (EGTS) incurred a consolidated net loss attributable to the parent company of EGP 4.82 million for the January-September period of 2021, compared to a net profit of EGP 22.12 million in the year-ago period, according to the company’s financial statements filed to the Egyptian Exchange (EGX).
Consolidated operating revenue amounted to EGP 36.86 million in the nine-month period ended September 30th, 2021, down from EGP 92.25 million in the same period of 2020.
On the other hand, the company suffered a standalone net loss after tax of EGP 17.75 million in the first nine months of 2021, versus a net profit of EGP 8.02 million in the prior-year period.
ERC is an Egypt-based company that operates in the tourism and hospitality sectors. The company is engaged in the construction and management of integrated touristic and residential projects in Sahl Hasheesh and the Red Sea governorate.
