ArabFinance: Egyptian Resorts Company (ERC) (EGTS) posted a 12% Year on Year decline in its consolidated net loss in 2019, according to the company’s June 9th financial statements filed to the Egyptian Exchange.

Consolidated net loss stood at EGP 63,563,877 in 2019, compared to EGP 71,987,185 incurred in 2018.

Nevertheless, standalone net loss reached EGP 102,928,526 in 2019, a 74% increase from EGP 59,230,496 incurred a year earlier. 

The company's board earlier approved re-studying the establishment of 321 residential units on 44,354 square meters due to the coronavirus repercussions on the tourism sector.

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, Red Sea Governorate.