Cairo – Mubasher: The shareholders of Misr Hotels revised its amended budget for fiscal year 2020/2021 amid the spread of the coronavirus (COVID-19).

The amended budget that showed expected profits of EGP 149.113 million and investments of EGP 165.84 million is overoptimistic as the tourism sector is expected to take much longer time to recover, the company noted in a bourse disclosure on Sunday.

The company reduced its revenue expctations by 20% for the coming fiscal year.

The board of directors was authorised to review the estimated budget for the coming fiscal year and make the required amendments.

In addition, the board decided to postpone the inauguration of Dahab hotel to 2021 and some renovations in Nile Ritz Carlton hotel.

During the first nine months of FY19/20, the company’s net profits declined to EGP 142.97 million from EGP 191.67 million in the year-ago period.