Cairo – Mubasher: The consolidated financial statements of Rowad Misr for Tourism Investment showed a decline of 32.2% in profits year-on-year in 2016.

Net profits stood at EGP 4.2 million during the year, taking into account the rights of minority shareholders, compared to EGP 6.2 million in 2015, according to the company’s statement to the Egyptian Exchange (EGX) on Monday.

Foreign exchange gains amounted to EGP 5.6 million in 2016, in addition to operational losses of EGP 1.6 million.

Revenues had declined to EGP 45 million in 2016 compared to EGP 54.3 million in 2015.

The independent financial statements revealed losses of EGP 2.7 million during 2016, compared to losses of EGP 3.2 million in 2015, the company reported in a separate statement.

The company recorded an operating loss of EGP 2.3 million and exchange difference losses of EGP 417,000.

Consolidated financial statements of Rowad Misr showed a net profit increase of 33.8% in the third quarter of 2016, with a net profit of EGP 10.04 million.