Cairo – Mubasher: Golden Pyramids Plaza on Monday said its consolidated profits more than halved in the first quarter of its fiscal year.

Year-on-year, the hotel operator’s consolidated profits dropped 57.2% to $11.26 million between January and March from $26.32 million.

Revenues also retreated to $30.94 million in Q1-18 from $44.91 million the corresponding period of 2017, Golden Pyramids Plaza said in a statement to the Egyptian Exchange (EGX).

In August, Golden Pyramids Plaza reported $10.36 million in standalone profits for the first three months of the year, down 52% from $21.6 million in the same period of the previous year.