Cairo – Mubasher: The consolidated financial statements of the Egyptian Resorts Co. showed a 37.8% year-on-year rise in its losses during the first half of 2019.

The company incurred net losses of EGP 12.83 million in the January-June period of 2019, compared to EGP 9.31 million in the prior-year period, according to a statement to the Egyptian Exchange (EGX) on Sunday.

As for the second quarter of 2019, the company’s losses retreated to EGP 7.3 million from EGP 10.04 million in Q2-18.

During the six-month period ended 30 June, the company generated revenues of EGP 81.01 million, up from EGP 51.95 million in the corresponding period a year earlier.

On the other hand, the cost of activities surged to EGP 86.58 million in H1-19, compared to EGP 50.82 million in H1-18.

At the level of standalone business, the company’s losses hiked to EGP 44.34 million in H1-19 from EGP 7.31 million in H1-18.

The company revealed that it currently focuses on selling tourism accommodation units, noting that the financial impact of contracts will be realised in the company’s financial statements by early 2020 as revenues are recognised after the delivery of units to customers.

It is worth to mention that during Q1-19, the Egyptian firm turned to a loss of EGP 5.52 million, against a profit of nearly EGP 726,300 in the year-ago period.