ERC widens consolidated losses narrow by 32.5% YoY in H1
Updated 8/15/2023 11:56:00 AM
Arab Finance: Egyptian Resorts Company (ERC) (EGTS) consolidated net loss attributable to the parent company declined by 32.46% year-on-year (YoY) in the first half (H1) of 2023, according to the financial statement filed to the Egyptian Exchange (EGX) on August 15th.
The company incurred a consolidated net loss excluding minority interest of EGP 52.144 million in H1 2023, down from EGP 77.204 million in the same half of last year.
Moreover, the company recorded consolidated operating revenues of EGP 68.307 million in the six-month period ended June 30th, up from EGP 14.477 million in the year-ago period.
At the level of the standalone financial statement, the company registered net profits after tax amounting to EGP 50.524 million in H1 2023, versus net losses of EGP 25.209 million in H1 2022.
ERC is an EGX-listed company based in Egypt that operates in the tourism and hospitality sectors.
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