Cairo – Mubasher: The consolidated financial statements of the Egyptian Company for International Touristic Projects (Americana Group) reported net losses of EGP 41.18 million in the first quarter of 2020, a 42.8% year-on-year (YoY) drop from EGP 72.09 million.

In addition, Americana Group generated EGP 895.52 million in revenue in the January-March period, down from EGP 936.2 million in the prior-year period, according to a bourse disclosure on Monday.

As for standalone business, the company’s net losses declined to EGP 38 million in Q1-20 from EGP 50.45 million in Q1-19.

It is worth mentioning that in 2019, Americana Group achieved net profits of EGP 13.37 million, down from EGP 29.46 million in 2018, including minority shareholders’ rights.