Arab Finance: The Egyptian Resorts Company (ERC) cut its consolidated net loss attributable to the parent company by 88.57% year on year (YoY) to EGP 5.371 million in the first quarter (Q1) of 2023 from EGP 47.008 million, according to the company’s financial statements.

Operating revenues grew to EGP 19.15 million in the three months to March 31st, compared to EGP 8.88 million in the year-ago period.

As for the standalone financials, the company turned to profitability, with a net profit after tax of EGP 102.748 million in Q1 2023, versus a net loss of EGP 4.815 million in the same quarter of 2022.

The firm logged standalone revenues of EGP 31.026 million in the three-month period, up from EGP 17.119 million in the corresponding period last year.

ERC is an Egypt-based company listed on the Egyptian Exchange (EGX) that operates in the tourism and hospitality sectors.

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