Cairo – Mubasher: Egyptian Resorts Co on Wednesday reported a 98.6% year-on-year drop in consolidated profits for the first quarter of 2018, recording a net profit of EGP 726,300 from EGP 52.6 million, including minority shareholders’ rights.

Revenues narrowed down to EGP 32.9 million in the three-month period ended March, versus EGP 104.8 million in the prior-year period, the company said in a filing to the Egyptian Exchange (EGX) on Wednesday.

At the level of the standalone business, the company has turned to loss with around EGP 5.4 million in Q1-18, compared to a net profit of EGP 27.8 million in Q1-17.

Egyptian Resorts Co had posted it turned profitable in the full-year 2017 with EGP 69.4 million in consolidated profits, against losses of EGP 18.8 million in 2016, including minority shareholders’ rights.

Meanwhile, standalone profits shrank to EGP 35.13 million last year, from EGP 297.9 million in 2016.