Cairo - Mubasher: Egyptian Resorts Co announced Wednesday that the administrative Court adjourned a lawsuit annulling Sahl Hasheesh land sale contract.

The lawsuit was filed by Pyramisa Hotels and Cruises Co. against the Tourism Development Authority (TDA) and others, where it challenges a direct award for allocating 42 million sq m, or 90% of Sahl Hasheesh resort without any commitment to reconstructing it.

Egyptian Resorts saw net profits of EGP 172.3 million in the first nine months of 2015, against losses of EGP 44.9 million a year earlier.