Cairo - Mubasher: The Egyptian Resorts Co responded to news reports about the government's withdrawal of 2 million square metres (sqm) of land from non-serious tourism companies in the city of Marsa Alam.

The company said that it has not received any notification in relation to its Rivera Sahl Hasheesh project, according to a bourse disclosure on Monday.

The 20 million-sqm land plot upon which the third phase of the project will be built is currently under dispute with the Tourism Development Authority (TDA). A court hearing will take place on 18 September to review the issue. 

During the first quarter (Q1) of 2021, the company incurred net losses of EGP 6.5 million, against net profits of EGP 27.34 million in Q1-20.

The revenues retreated to EGP 17.99 million in the January-March period from EGP 89.45 million in the year-ago period.