Cairo – Mubasher: Remco for Tourism Villages Construction (RTVC) on Wednesday announced that its losses surged 106% year-on-year for the first quarter of 2018.

Net losses amounted to EGP 70.04 million in Q1-18, compared to EGP 33.97 million in the year-ago period, according to the company’s filing to the Egyptian Exchange (EGX).

Meanwhile, Remco's profits from hotel industry reached EGP 22.5 million during the three-month period ended 31 March 2018, registering a rise from EGP 8 million achieved in the same period of the prior year.

As for standalone losses, these amounted to EGP 58.12 million in Q1-18 up from EGP 22.3 million in the same period of 2017.

For the full-year 2017, the company’s consolidated profits reached EGP 273.13 million, against losses of EGP 71.7 million over 2016.