ArabFinance: Egyptian Resorts Company (ERC) reported a consolidated net profit before minority interest of EGP 52,082,658 for Quarter one (Q1) of 2020, against a net loss of EGP 8,727,415 in Q1 2019, according to the company’s August 31st financial statements.
Standalone net profit reached EGP 17,057,438 in Q1 of 2020, against loss of EGP 20,213,328 in Q1 of 2019.
The company's board earlier approved re-studying the establishment of 321 residential units over 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.