Cairo – Mubasher: Pyramisa Hotels and Resorts posted a 3.6% year-on-year decline in its consolidated profits during the first quarter of 2019.

The company’s net profits recorded EGP 12.16 million in the January-March period of 2019, compared to EGP 12.62 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

Meanwhile, revenues climbed to EGP 62.91 million in the three-month period ended 31 March, against EGP 37.63 million in the same period a year earlier.

On the other hand, costs of revenues rose to EGP 31.88 million in Q1-19, compared to EGP 17.29 million in Q1-18.

As for standalone business, the company’s profits increased to EGP 16.78 million in Q1-19 from EGP 14.88 million in Q1-18.

For the full-year 2018, the company generated EGP 53.37 million in net profit, compared to EGP 73.9 million in the previous year, including minority shareholders’ rights.