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Misr Hotels reports 25% profit decline

Misr Hotels reports 25% profit decline

 ArabFinance:  Misr Hotels Company (MHOT) reported a 25% year on year decrease in its net profit for the first nine months of fiscal year (FY) 2019/2020, according to a May 4th disclosure filed to the Egyptian Exchange.

Net profit reached EGP 142,973,020 in the July-March period of FY 2019/2020, compared to EGP 191,670,632 achieved in the corresponding period.

The company plans to achieve a net profit of EGP 149.113 million in FY 2020/2021, compared to an expected EGP 223.962 million in FY 2019/20.

Misr Hotels, a subsidiary of Holding Company for Tourism and Hotels, is an Egypt-based joint stock company engaged in tourism investment activities. The company focuses on hotel and tourism activities, including construction, purchase and sale of hotels, resorts, casinos, restaurants, strips, and other tourist facilities.

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