ERC widens consolidated losses by 617.5% YoY in Q1
Updated 6/6/2022 12:38:00 PM
Arab Finance: Egyptian Resorts Company (ERC) (EGTS) has extended its consolidated net loss attributable to the parent company by 617.55% year-on-year (YoY) in the first quarter (Q1) of 2022, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on June 6th.
The company has incurred a consolidated net loss excluding minority interest of EGP 47.008 million in Q1 2022, versus a loss of EGP 6.55 million in the same quarter last year.
Moreover, the company recorded consolidated operating revenues of EGP 8.88 million in the three-month ended March 31st, up from EGP 6.61 million in the year-ago period.
At the level of the standalone financial statement, the company has cut its standalone loss after tax to EGP 4.81 million in Q1 2022 from EGP 10.97 million in Q1 2021.
ERC is an EGX-listed company based in Egypt that operates in the tourism and hospitality sectors.
