ArabFinance: Egyptian Resorts Company (ERC) reported a 28% Year on Year decline in its consolidated net loss in 2020, according to the company’s March 11th financial statements filed to the Egyptian Exchange.
Consolidated net loss stood at EGP 45.485 million in 2020, compared to EGP 63.564 million incurred in 2019.
Standalone net profit reached EGP 66.820 million in 2020, a 35% decrease from EGP 102.929 million posted a year earlier.
The listed company's board earlier approved re-studying the establishment of 321 residential units due to the pandemic impact 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.
