Cairo – Mubasher: Remco for Tourism Villages Construction on Thursday posted a 40% year-on-year increase in consolidated losses for the first half of 2018.

Net loss amounted to EGP 78.14 million in H1-18, compared to EGP 55.7 million in the year-ago period, the company said in a filing to the Egyptian Exchange (EGX).

As for standalone losses, the company incurred EGP 82.06 million during the six-month period ended June, up from EGP 37.81 million in the same period of 2017.

Meanwhile, Remco's recorded EGP 19.1 million in profits from hotel industry at the end of June, versus EGP 29.24 million in H1-17.

Remco last reported a 106% year-on-year hike in its consolidated losses for the first quarter of 2018.

Net losses stood at EGP 70.04 million in Q1-18, compared to EGP 33.97 million in the same period a year earlier.