Cairo – Mubasher: Amer Group Holding Co announced that negotiations with Egypt’s minister of civil aviation, Younes Al Masry, over Ras Ghamila tourism project in Sharm El Sheikh have been on hold.

The shareholders shall not take this project into consideration when estimating the company’s future activities, the Egyptian real estate firm said in a bourse statement on Tuesday.

For the full-year 2018, the group’s profits fell to EGP 74.7 million, compared to EGP 92.9 million in the previous year, including minority shareholders’ equity.

Meanwhile, revenues retreated to EGP 1.9 billion last year from EGP 2.15 billion in 2017.