Cairo – Mubasher: Remco for Touristic Villages Construction said Sunday that consolidated financial results for the first six months in the fiscal year 2015 showed that losses shrank by 41.75%.

The company posted EGP 19.85 million ($2.5 million) loss, taking into consideration minority interest, from EGP 34 million ($4.36 million) logged in the same period a year ago.

Total operating profit amounted to EGP 43.42 million, up from EGP 34.9 million generated in the first half of 2014.

Meanwhile, H1 standalone financial results mirrored EGP 12.255 million ($1.56 million) net loss, down 27% from EGP 16.77 million ($2.14 million).

Consolidated net losses for the first quarter of 2015 surged by 44% to EGP 9.3 million ($1.2 million), compared with EGP 6.4 million ($836,000) logged in the same period last year.

The touristic villages builder previously posted EGP 72.2 million ($9.5 million) in consolidated net profits for the fiscal year 2014, versus EGP 816,000 ($107,000) in net losses a year earlier.