Cairo - Mubaser: The financial statements of Marsa Marsa Alam for Tourism Development showed a decline in losses by 88.88% in 2016, according to a bourse filing.

The company said in a statement to the Egyptian Exchange (EGX) on Thursday that losses amounted to EGP 1.55 million last year compared to EGP 13.89 million in 2015.

The company also revealed that its financial results were not affected by the Egyptian pound flotation.