ArabFinance: Arab Company for Land Reclamation (Arclam) incurred a net loss of EGP 2,925,698 in the fiscal year ended on September 30th, according to the company’s financial statements filed to the Egyptian Exchange.

The company posted a net profit of EGP 53,257 a year earlier.

Arclam earlier sold scrapped items at a total value of EGP 5.89 million in a public auction.

Last September, the company’s board approved to use a surplus of EGP 760,531 from the past fiscal year in a bid to reduce the accumulated losses.

Arclam is active in land reclamation and division; real estate purchase, sale, and development; housing development and management of coastal, inland, and agricultural properties, and general contracting in the coastal and desert areas.