Tourism Urbanization Co. suffered EGP 8.2 million ($1.1 million) in losses in 2014, compared with EGP 9.3 million ($1.2 million) in the previous year.

The company cut its losses by around 11.8% in 2014, the company said in its consolidated financial statements for the fiscal year ended 31 December 2014.

The real estate developer reported EGP 6.9 million in losses for the first nine months of 2014, compared with EGP 6 million for the similar period of the previous year.