Cairo – Mubasher: Egyptian Company for International Tourism Projects (Americana Egypt) on Monday posted an 88.3% year-on-year drop in consolidated profits for 2017 as a result of higher costs.

Net profit stood at EGP 4.8 million in 2017, compared to profits of EGP 41.2 million a year earlier, Americana Egypt said in a filing to the Egyptian Exchange (EGX).

The company attributed the decrease in profits to the increased cost of materials and the decline in investment revenues.

Revenues climbed to EGP 3.2 billion in 2017 from EGP 2.8 billion the previous year.

Meanwhile, standalone profits shrank to EGP 27.8 million in 2017, compared to EGP 45.09 million the year before.

Americana’s profits plunged to EGP 16.6 million in the first nine months of 2017 from EGP 171.25 the same period in the prior year.