Cairo – Mubasher: Egyptian Resorts Company has succumbed into losses during the first quarter of 2019.

The Egyptian firm logged net consolidated losses of EGP 5.52 million in the January-March period of 2019, versus a profit of around EGP 726,300 in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Revenues slid to EGP 29.06 million in Q1-19, compared to EGP 32.99 million in Q1-18.

The company ascribed the negative turn in Q1-19 financials to its ongoing policy regarding limiting the sales of lands in a bid to reduce supply.  

As revenues are recognised after the delivery of units to customers, the financial impact of contracts will be realised in the company’s financial statements by the end of 2019.

As for standalone business, Egyptian Resorts reported losses of EGP 20.21 million in the three-month period ended 31 March from EGP 5.47 million in the year-ago period.

For the full-year 2018, the EGX-listed firm turned to losses of EGP 75.23 million, against a profit of EGP 69.46 million in the previous year, including minority shareholder’s rights.