ArabFinance: Pyramisa Hotels and Resorts (PHTV) reported an 81% Year on Year decrease in its consolidated net profit in Quarter one (Q1) of 2020, according to the company's June 15^th financial statements filed to the Egyptian Exchange.

Consolidated net profit reached EGP 2,282,813 in Q1 2020, compared from EGP 12,161,121 posted in Q1 2019.

Standalone net profit stood at EGP 11,894,953 in Q1, a 29% decline from EGP 16,786,755 achieved in Q1 2019.  

The company distributed cash dividends of EGP 2 per share on June 11^th to the shareholders recorded on June 8^th.

Pyramisa Hotels is engaged in tourism and hotel development and investment. The company, along with its subsidiaries, is primarily involved in the ownership, establishment, sale, rent, and management of hotels, in addition to providing travel, entertainment, therapeutic, and sports facilities.

It also offers technical advice and economic feasibility studies for tourism development.