Cairo – Mubasher: Remco for Tourism Villages Construction announced turning profitable during the first nine months of 2019, the company’s consolidated financial statements showed.

The company logged a net profit of EGP 7.27 million in the January-September period, against a net loss of EGP 71.73 million in the prior-year period, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, gross profits from real estate operations amounted to EGP 414.85 million in the nine-month period ended 30 September, compared to gross loss of EGP 5.48 million in the corresponding period a year earlier.

As for the third quarter of the year, Remco’s net profits plunged to EGP 4.6 million from EGP 21.51 million in Q3-18.

Earlier, Remco’s unaudited standalone financial results for the January-September period showed an 86% year-on-year loss increase to EGP 204.4 million from EGP 110.3 million.

It is worth mentioning that during the first half of 2019, Remco’s standalone net loss widened to EGP 130.85 million from EGP 82.06 million in H1-18.