Cairo – Mubasher: The unaudited consolidated financial results of the Egyptian Company for International Touristic Projects (Americana Egypt) showed a 13,391% surge in its net losses to EGP 190.5 million in the first half (H1) of 2020 from EGP 1.41 million in the prior-year period.
In the meantime, Americana Egypt’s revenues declined to EGP 1.34 billion during the six-month period ended on 30 June from EGP 1.92 billion in the same period in 2019, according to a bourse disclosure on Sunday.
As for standalone business, the company incurred net losses of EGP 164.48 million in H1-20, against net profits of EGP 16.82 million in H1-19.
During the first quarter (Q1) of 2020, Americana Egypt’s net losses dropped to EGP 41.18 million from EGP 72.09 million in Q1-19.
