Cairo – Mubasher: Egyptian Resorts Co on Thursday revealed it has turned to losses in 2018 with a net loss of EGP 75.23 million, against profits of EGP 69.46 million in 2017, including minority shareholder’s rights.

The company’s total revenues amounted to EGP 126.3 million in the full-year ended 31 December 2018, versus EGP 281.06 million in 2017, according to a statement to the Egyptian Exchange (EGX).

At the level of standalone business, the company incurred losses of EGP 59.23 million last year, versus EGP 35.13 million in 2017.

The company attributed the previous-year losses to business restructuring as it suspended land plots sale to maintain the market value of its lands in the long term, pointing out it only focused on selling tourism units.

It is worth noting that Egyptian Resorts previously reported an EGP 25.6 million in consolidated losses for the nine-month period ended September 2018, against a net profit of EGP 42.16 million in the same period of 2017.